Revolutionary new app allows transfer of money on mobile phone
Published 16/02/2012 | 07:42
A "REVOLUTIONARY" app enabling people to send and receive money just by using mobile phone numbers is to be made available to consumers across the UK.
The Barclays Pingit allows users to send and receive cash to anyone with a UK current account and mobile phone number, without having to share bank details.
The app, which is free to download and use, links the user's current account with their phone number and those sending money only need to know the recipient's mobile number.
Only Barclays current account customers can initially use the app, but a later UK-wide version aimed at all current account customers aged over 18, regardless of their bank or building society, is planned from early March.
To send money, customers can use the app available on iOS, Android and Blackberry, or they can register online to receive payments regardless of what type of phone they use.
Antony Jenkins, chief executive, Barclays retail and business banking said the app could "revolutionise" the way people send and receive money.
He said: "For friends splitting the cost of dinner, repaying a borrowed £10 or people sending money to a son or daughter at university, it's free, quick, convenient, secure, and easy to use.
"You can send and receive money in seconds, without having to enter account details."
Payments must range between £1 and £300 and the maximum someone can receive in a day is £5,000.
Barclays said transfers were as safe as any other banking transaction and the app was protected by a five digit code set by the user.
Rachel Springall, spokeswoman for comparison website Moneyfacts, said: "Whilst this feature strives to be a secure service, customers need to ensure that they input the correct mobile number on outset and that they are careful when making transfers so as not to select the wrong amount.
"It will be interesting to see how other lenders react to this release, especially since the launch of mobile banking as a whole has met many customers day-to-day banking needs."