People in the UK may find themselves carrying their money in a different sort of wallet these days. PayForIt is a new payment scheme designed to buy goods and services up to £10, implemented last September 1, as a means to give consumers an alternative method asides from paying for them directly out of their wallets.

PayForIt is a mobile-based payment system which displays the information of any services and goods purchased and documents the details, specifically the amount and the retailer you purchased the goods or services from, on your mobile. The concept of digital wallets isn't a new thing, however they want to standardize such a payment scheme in the UK and hopefully expand the industry through it.

While this type of payment scheme has had a lot negative feedback in the past, Mike Short, chairman of the Mobile Data Association assures the public that the goal of PayForIt is to restore the faith in such a service. It does not seek to replace conventional payment options but rather offers consumers an alternative form of payment instead.

The companies involved in PayForIt include: I-play, Gameloft, EA, Multimap, Sony Ericsson and Samsung. The service aims to concentrate on payment options for ringtones, train tickets, parking fees, and eventually web shops and sites.

Anuj Khanna, a spokesman for Tanla Mobile, one of the firms administering payments made via PayForIt, had this to say about the system:

Most big brands would not use premium rate SMS to run their services, it's not a good experience, it's not consumer friendly. It's entirely geared at the low value, high volume transaction market.