February 11 2016 Latest news:
Adam Aiken, Editor
Thursday, February 16, 2012
A smartphone app that allows people to make payments to any UK bank account via their phones has been unveiled.
The Barclays Pingit is Europe’s first person-to-person service for sending and receiving money using mobiles.
Once the app is downloaded on to a phone, Barclays customers can receive and send money, without charge, to anyone with a UK current account and a mobile phone number, without having to share any bank details.
The app will be available to current-account customers of all UK banks and building societies.
For now, only Barclays current account customers will be able to send money via the app, but all current account customers aged 18-plus can register online to receive money. The app will be available to all current-account customers by early March.
The service – which is available on Apple, Android and blackberry devices – links the user’s current account to his or her mobile number.
Barclays said the transfers were as safe as any other banking transaction, with the app protected by a five-digit passcode, set by the user.
“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 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.”