Bank reveals 'revolutionary' cash-transfer app
A "revolutionary" app enabling people to send and receive money just by using mobile phone numbers is to be made available to consumers.
The Barclays Pingit allows users to send and receive cash to and from anyone with a UK current account and mobile phone number, without having to share bank details.
The free app 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 new 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 at Barclays retail and business banking, said the app could "revolutionise" the way people sent and received money.
He said: "It's free, quick, convenient, secure, and easy to use.
"You can send and receive money in seconds, without having to enter account details."
Rachel Springall, spokeswoman for comparison website Moneyfacts, said: "While 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."