Mexico to Impose the Use of Cell Phones for Payments

Mexicans will soon be using their cell phones for small purchases such as restaurant meals and taxi rides. The move will be initiated by the country's leading telephone operators, Telefonica SA and Iusacell, and banks like Citigroup Inc. and BBVA.

Cell phone users will have linked savings and telephone accounts which will allow them to make small purchases through sending a simple text message to participating establishments. Using phones to buy items is currently being practiced in Japan, but this is still not employed in the U.S.

Gee I wonder how hard it would be to hack into a phone system? So your phone is hooked up to your bank and well Banks systems can be hacked too, so now you have double jeopardy.