BIS says 3 countries have successfully tested mobile phone payments

The Bank for International Settlements BIS headquarters is located next to the construction site of Baloise Park in Basel.

The ability to send money quickly and cheaply around the world has been seen as a holy grail for policymakers due to the advantages it would bring for both people and companies.

The central banks involved in the new tests are working on ways to improve the process, because current transfers are slowed by the patchwork of more than 60 different instant payment networks.

The Bank for International Settlements BIS, the central bank umbrella body that has overseen the Nexus trials, said the three countries involved have successfully sent payments using only their mobile phone numbers.

The BIS said further trials would be run by Indonesia, Malaysia, the Philippines, Singapore and Thailand with the hope that Nexus could eventually be implemented in the world.