Mobile Money Ventures LLC, a joint venture of Citigroup Inc. and the South Korean wireless carrier SK Telecom Co. Ltd., has agreed to resell a person-to-person payment system from the Toronto technology vendor CPNI Inc.
CPNI's PATsend system allows individuals to send money from their bank accounts knowing only a recipient's phone number. The service works even for recipients without bank accounts.
Mobile Money, of San Francisco, is also considering offering PATbuy, a related CPNI application that enables people to make purchases with their phones by routing money to merchants' phone numbers.
"CPNI's solution enhances our already robust offering by further extending our reach into remote mobile payments," Jay Bhattacharya, Mobile Money's vice president of sales, said in a press release Monday.
