UK high street bank Barclays has long been a leader in embracing new technologies for the financial sector, but today is launching a brand new product that allows customers to send money to phone numbers with just a few taps on the smartphone with Pingit.
Pingit is an app for iOS, Android, and BlackBerry that allows users to connect to their bank accounts so that they can send money to another user securely whilst on the move without the hassle of having to login to online banking or having to go into a branch. If this sounds a lot like sending money to an email address via Paypal, then you’re right – as that is the company Barclays is squarely aiming to compete with the mobile money market. This app has one major advantage over Paypal in the transferring of money as well, and that is that the money goes from one bank account straight into another – no three day delays as you get with getting money out of your Paypal account.
Just like using an ATM, the app has a limit of sending £300 per day as a security measure, and by making users choose a five digit pin to access the app rather than the normal four – Barclays is making sure that people don;t use the same pin-code for both. Clever. If your smartphone is lost or stolen, you can also remote wipe the app for additional piece of mind.
The use of this app Barclay’s highlights is when one friend pays a bill and then everyone owes him their portion which is never a round number – and this app would make that a breeze. Additionally, however, I see a product like this competing with others such as Square in taking mobile payments – with market stall owners and every shop that has not splashed out on an expensive card reader suddenly being able to take non-cash payment – something which makes it out “APP OF THE WEEK”.
The app is only available for Barclays customers at the moment, although they say it will open up registration by to other banks and customers by the end of next month.
Available on: iOS / Android / BlackBerry
Cost: FREE
Developer: Barclays