There I was thinking that Paypal Bump was one of the most innovative mobile payment solutions I’d seen in a while, then I find out it has been completely dwarfed by…SMS.

A company called Sicap has developed the technology which allows consumers to withdraw money out of an ATM using SMS and have the balance added to their monthly phone bill.

Whenever you need cash, you text in the amount you want and receive a one-time code that is input into the ATM. Once it’s verified you get your cash there and then. You don’t even need a bank account! The money is then billed to your statement.

Another brilliant feature is that you can forward codes to friends or family that are stuck somewhere without cash.

The only downside is that you need specially designed ATMs, which means new hardware purchases and installation, rather than a software upgrade which would be cheaper.

However, there is a massive opportunity for banks to offer this service and charge it to your normal bank account. I hardly ever forget my phone but always seem to leave my debit card behind. If I could make a simple call or text for some money then it’s something worth changing banks to have.

Banks wouldn’t need to install new hardware either, just simply update their current ATM software. Makes you wonder why you can’t do this already.

There’s a big opportunity here.

[Via Mobile Marketing Watch]