From now on all citizens of the Netherlands can pay with SMS, independent of their bank or mobile operator. To transfer money, users need to send an SMS to the Rabobank with the phone number of the recipient and the amount. The bank then sends a code that the user needs to confirm. The recipient receives the money in his or her 'mobile wallet'.

The system replaces cash and is convenient for example in case you want to share a bill for a restaurant or taxi. In order to load the mobile wallet and to subtract money to their own account, users need to use the internet. The user can also choose to top-up automatically when the account reaches a limit.

Service2Media developed the mobile client application for Rabo Mobiel to make the use of Rabo SMS Betalen easier. Users do not need to remember the SMS syntax; they just navigate, select and type information in clearly defined fields. The application uses the addressbook on the phone, i.e. no need to enter the entire phone number of the recipient. The application can be downloaded after registration with SMS Betalen and is supported on more than 130 mobile devices.

Next to transferring money to another mobile, the application also allows users to shop for entry tickets for theme parks or cinema's and transfer money to charities, such as World Wildlife Fund or War Child.