Barclays Pingit is an app that will enable Barclays Current account customers to send and receive money for free, too and from anyone over 18 with a UK current account, simply by using their mobile phone number.
Barclays Pingit works by linking Barclays current account customers to their UK mobile phone number via the app. Once connected they can then receive payments from other registered users, which are sent to that phone number, without the need to give out bank details. On launch, while customers of other UK banks can also receive payments (once registered online), they will not be able to send payments.
Antony Jenkins, from Barclays Retail and Business Banking 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.’
Barclays Pingit is designed for consumer and small business users – such as window cleaners and plumbers, thus it uses a faster payment system and users can send between £1-£300 a day, or receive up to £5000.
Of course security will be a concern for many people, Barclays claims Pingit is as safe as any other banking transfer and the app is protected by a five-digit passcode.
In order to send payments via the Barclays Pingit, users need to download the app, which works with Android 2.2 (and above), iOS 4.2 (and above), Blackberry OS 4.6 (and above). It is supposed to be available to download now, although at the time of writing it hasn’t appeared.
A second version of the app (due March) will enable customers of other UK banks to get the same functionality of Barclays customers, so they can register via the app and send money. Until then UK customers of other banks will have to register online at www.barclays.co.uk/pingit in order to be able to receive payments.
We’re impressed by the idea of Pingit. It sounds like an incredibly simple way to pay, making internet banking more portable and it’s interesting Barclays has opened it up to other UK banks, although of course, it could entice many to Barclays’ other services. It will also be interesting in these security conscious times, how Barclays will convince customers’ of Pingit’s security, although not having to give out account numbers will certain appeal to many.