Mexicans paying for taxis using their mobiles

You've left your cash card at home, and just spent the last of your loose change, and there's a taxi bill to be paid.

Well Mexicans will soon be able to pay small bills, such as for taxi rides and restaurants meals, using their mobile phones.

Telephone operators Telefonica SA and Lusacell have done a deal with the country's big banks - including Citigroup - to launch a new service, which will be debuted over the coming months.

It basically allows mobile phone users to get their savings account linked to their mobile phones so that they can make payments just by sending a text message.

Aimed at tech savvy teenagers, the service, however, has yet to win the support of America Movil's Telcel, which accounts for more than 75% of Mexico's mobile telephone users.