Barclays Bank has launched Pingit, a smartphone app that allows customers to transfer money in an instant to anyone with a UK based mobile phone, and current account with any UK bank.
The service works by linking together current account details and mobile numbers through the app settings – once done, payments can be sent and received via the mobile number, so consumers won't need to give out their bank details.
At launch the service will only allow payments to be sent from a Barclays account. Anyone registered for the service can receive payments, and Barclays hope to extend the service to allow payments to be sent from any UK bank account.
Eventually, the aim is to allow the service to be rolled out to allow international transactions as well as using the service for bill payments.
Barclays do not plan to charge for the service, which is free to download and use on iOS, Android and BlackBerry. To transfer money, users simply load up the app, key in the recipient mobile number and enter the amount of money to transfer, from between £1 and £300. The money is then transferred using the Faster Payments Service, which can transfer the funds into the recipients bank account in as little as 30 seconds.
“Barclays' Pingit could revolutionise the way people send and receive money,” said Antony Jenkins, Chief Executive of Barclays Retail and Business Banking. “For friends splitting the cost of dinner, repaying a borrowed £10 or sending money to a son or daughter at university, it is free, quick, convenient, secure and easy to use. You can send and receive money in seconds, without having to enter account details. I am sure we will soon be wondering what we did before it”
“We see Pingit working across the whole UK population,” he added, “rather as we did with Barclaycard. Even today, only a third of Barclaycard customers are customers of Barclays Bank as well. This way we have a relationship with more customers.”
Barclays' Pingit app is available to download now from the Apple App Store, Android Market and BlackBerry App World. For more information, and to register for the service, visit barclays.co.uk/pingit