Barclays has launched a revolutionary new smartphone app that could change the way we bank.
Pingit allows users to send and receive money as easily as texting. All you'll need is a UK current account and a UK mobile number to send up to £300 by entering the recipient's mobile phone number with no need to exchange bank details.
At present, only Barclays current account holders will be able to send money via the app, but anyone with a UK current account can receive money. From next month, all current account users will be able to send money via Pingit regardless of who they bank with.
"It's free, quick, convenient, secure, and easy to use. You can send and receive money in seconds, without having to enter account details," says Antony Jenkins, chief executive at Barclays Retail and Business Banking.
“I'm sure we'll soon be wondering what we did before Pingit."
The service is free to use and money sent is processed using the Faster Payments service so should be available for the recipient to withdraw almost instantly.
Barclays are assuring customers that the service is as safe as any other banking transaction as the app is protected by a five-digit passcode and if your phone is lost or stolen you can remotely disable the app.
How to use Pingit
1. Download the Pingit app to your smartphone to send payments or register at barclays.co.uk/pingit in order to receive payments.
2. Register your mobile number and bank details. You will then receive a five-digit pin number.
3. Tap 'make a payment' icon on screen.
4. Enter UK mobile phone number of recipient.
5. Send up to £300 a day (money is sent immediately).
6. Both parties receive a text to confirm payment.
7. If you attempt to send money to someone who isn't registered the payment will be held for 24 hours then cancelled if the recipient hasn't registered within that time.