El Universal, a Mexican newspaper, reported yesterday that by next October Mexicans will be using their mobile phones to buy everything from fast food to newspapers. The program is called Pago-Movil—or Mobile Payment in English—and will be available from six of Mexico’s largest banks and cell phone providers. The aim of the project is to convert the 50 million cell phones currently used in Mexico into electronic wallets that can perform all the same functions as a conventional billfold. If the project is successful, it could integrate many of Mexico’s unbanked citizens into the formal banking sector.

Thanks Rob [Via GlobalVoices from Chilanga Banda]