Financial market tunes into Wap

Wap technology is poised to turn the financial world on its head as companies attempt to woo customers with mobile services.

First off the starting block is E-Loan, which this week rolled out the UK's first mobile internet mortgage service. The service allows consumers to calculate mortgage payments on the move.

E-Loan plans to add further features to the service, such as searching and selecting mortgages. A spokesman said: "By the end of the year customers will be able to apply for mortgages on their Wap phones. They will be able to email for an application once they've found the mortgage they want."

Information will eventually be available on more than 1700 home loan products from some 50 mortgage providers.

E-Loan is not alone in embracing Wap technology. Egg, the direct banking arm of the Prudential, started piloting a scheme on Tuesday that will eventually enable customers to do their banking, shop and track their investments on their mobile phones.

Virgin Mobile also plans to offer basic Wap banking services to its customers in the next few weeks, according to sources. Customers will be able to check their Virgin One accounts and receive alerts when their salaries are credited or bills are due. Virgin plans to add more complex banking procedures to its Wap service by the summer.

Analyst Forrester predict that one third of all Europeans will be using Wap mobile phones by 2004.