Send money by mobile phone number with 'Pingit'

16 February 2012 16:53:24

Could Barclays' 'Pingit' service revolutionise the way we pay?

If you're tired of having to get hold of a friend's bank account number and sort code in order to send them money, Barclays could have the ideal solution. The bank has launched a new service that allows you to send and receive money, simply by using the other person's mobile phone number. 'Pingit' is the first such service in Europe and could make life much easier for those who prefer to transfer money directly into friends' and relatives' bank accounts, rather than playing around with cash.

Free 'Pingit' service could revolutionise payments
Barclays believes its new 'Pingit' service could revolutionise the way we send and receive money - and it's easy to see why.

Normally, if you want to transfer money to a friend's bank account, you need to type in their account number and sort code. But Barclays Pingit allows you to send money to anyone with a UK current account and a UK mobile phone number, simply by inputting their mobile number. Not only is the service absolutely free, it will soon be available to customers of all UK banks and building societies - not just those who bank with Barclays.

How does it work?
The service links the user's bank account with their mobile phone number, enabling payments to be sent directly to their account via the Faster Payments service. You can install the free Barclays Pingit app on an iOS, Android or Blackberry handset, or register online to receive payments. The app is protected by a five-digit passcode to enhance security.

Antony Jenkins, chief executive of retail and business banking at Barclays, explains: "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." He thinks we'll "soon be wondering what we did before it" - and we're inclined to agree!

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