Barclays launches Pingit money-sending service

Barclays has today launched what is claimed to be Europe's first person-to-person service for sending and receiving money using a mobile phone.

Barclays Pingit can now be downloaded by the banking giant's almost 12m current account customers, enabling them to make instant money transfers using their smartphone to anyone with a UK-based mobile phone and a current account with any bank.



The app, which is to be extended to all UK banking and building society customers aged 18 and over in early March, is free and links to the user's current account with their mobile phone.

This link enables payments ranging from £1 to the £5,000 daily limit to be distributed directly to that account, but crucially without the sender needing to know anything more than the recipient's mobile phone number.

The money is sent using the Faster Payments service and Barclays said that the transfers are as safe "as any other banking transaction" because the app is protected by a five-digit passcode, set by the user. The user also never needs to share their banking details with a payer.

The app is available on iOS, Android and Blackberry, or users can register online to receive payments.

Barclays predicted that the service will prove "particularly popular" with friends and family wanting to send money to each other. But it also said the app could be used by small business customers.



For example, sole traders such as window cleaners or plumbers could use it as a secure and easy way for customers to pay them.

Barclays Retail and Business Banking chief executive Antony Jenkins said: "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.

"We're committed to making customers' lives much easier, giving them more choice in how they manage their money, and Barclays Pingit absolutely does that. But it is not just Barclays customers who benefit as it's available to current account customers of all the other UK banks too. I'm sure we'll soon be wondering what we did before it."

Mobile payments are becoming a significant growth area for businesses, particularly with the growing adoption of Near Field Communications (NFC), enabling contactless links between mobile devices for sharing information and making transactions.

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