Barclays has launched Pingit, a person-to-person payments service.
This is pitched as the UK's first mobile app allowing people to send and receive money by using their mobile number and without the need for bank account details.
The app is free to download from the Apple store and will initially only be available to Barclays account holders. But an updated version is in the works, which will bring Pingit to customers of all UK banks and building societies. Protected by a five-digit passcode, set by the user, it links the user’s current account with their mobile number. Money, from a minimum of £1 to a maximum of £300, is sent using the Faster Payments Service.
Antony Jenkins, chief executive, retail and business banking, Barclays, says: "Barclays Pingit could revolutionise the way people send and receive money. 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."
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