21 Feb
Money by mobile phone? Barclays Pingit app
Posted on 2012 under Mobile News, Mobile Phone Applications, Wireless Products And Services | Comments are offMobile banking has leapt forward with the announcement of Barclays Pingit; an app which gives customers the opportunity to send money by mobile phone. The free app available on , and , will streamline the banking process for customers who now have the option to leave their wallets at home and shop with their smartphone.
How it works?
By linking a UK mobile number to your current account, the Barclays Pingit app lets you send money by mobile straight to another phone. Simply log into your account and dial your contacts’ UK phone number to wire your funds across in seconds. Currently the Barclays Pingit app only accepts payments between Barclay’s current accounts. With time, Barclays intend to expand their service and allow any Barclays Pingit account to receive payments from any UK banking current account.
How safe is Barclays Pingit app?
With an estimated 90,000 muggings in the UK last year, can banking on the mobile phone expose our hard earned cash to opportunist thieves? For those concerned, the app is protected by a Barclays Pingit passcode, which needs to be entered every time the app is opened. Should your smartphone get stolen, you can call Barclays to deactivate the app as a precaution against fraud. For extra security, only one mobile number can be linked to each current account at any time.
The process of sending money by mobile phone is a firmly established option in Japan. Using NFC technology, there are over 117 million contactless payment accounts; 20 million of which are considered actively used. As smartphone users go through the cycle of changing their smartphone it’s expected that within 4 years, 90% of Japanese phone users will have access to contactless payment solutions; whether through NFC or mobile banking apps.
As mobile phones continue to redefine their purpose, transferring money by mobile banking will let the smartphone user lighten their pockets as they leave their wallets and purses at home. Will this movement pay off for Barclays? If successful, expect to see rival banks creating their own mobile banking apps in order to offer streamlined services to their customer base.
Does mobile banking appeal to you? .
Would you use a service like this? Let us know on our .