Lithuanian Authorities Launch Interbank Mobile Payment Strategy

Lithuania’s payments regulator has launched a new initiative to allow transactions using only the recipient’s phone number, as part of the country’s recognition of the growing ubiquity of mobile payments.

Under the new scheme individuals will be able to connect their phone number to their bank account, which will in turn allow them to make payments by their payment service provider’s (PSP) app either by selecting a recipient’s name from their contact list or entering their phone number.

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