Barclays launches service for sending money via mobile

 

Bank asks customers to “Pingit”.

UK bank Barclays has today launched a new service for transferring money person-to-person with a mobile phone - the first of its kind in Europe.

The service, branded “Barclays Pingit”, lets users send and receive money for free to anyone with a UK current account and a UK mobile by simply entering their phone number.

There’s no need to enter bank details, just a five digit passcode, and Barclays claims the system is as safe as any other banking transaction.

Barclays expects Pingit to be particularly popular with friends and family that send money to one another. The service can also be used by small businesses and sole traders, who want customers to pay them quickly. However, there may be some charges involved if it’s used for business accounts.

To send money, you need to download the Barclays Pingit application from the Apple App Store, Blackberry App World or Android Market, depending on what handset you own. Unfortunately, at the moment only Barclays current account customers can register and start using the application to send money.

But if you’re a not Barclays customer, don’t worry. The company plans to release an updated application by March, which will allow people who use other banks to send money from their handsets too.

All current account holders, regardless of bank or mobile phone model, can also currently use Pingit to receive money - which is better than sending it anyway, right? To use this service, you can register your number with Barclays via its website.

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