Banking clients can look forward to a new free service for transferring money that “simply demands the beneficiary’s mobile phone number”. The service is called SPIN. It has been developed by the Bank of Portugal, and it will become available to all banks from September 16. The roll-out has nonetheless already begun, with BPI clients among the first to be able to use SPIN; Santander Totta and BCP being next. As reports explain, SPIN is Portugal’s central bank’s answer to issues with MB Way, another money transfer service that has been dogged with fraud issues.
SPIN – the new free service for transferring money by mobile phone
The idea is that clients can use SPIN on their mobile phones, via homebanking or even by going into their bank. Image: pexels free photo
