“Barclays Pingit could revolutionise the way people send and receive money. 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.” Antony Jenkins, chief executive, Barclays
If the app sounds familiar, it’s likely because the eBay-owned PayPal payment service offers something similar. When installed, the PayPal smartphone app allows users to send or receive money using email addresses or mobile phone numbers.
As with PayPal, those wishing to receive money via Pingit must sign up for an account, but they won’t need a Barclays account in order to do so. The bank has also promised to open the service up to all UK bank accounts for both sending and receiving money by early March.
The app is available now from Apple’s, BlackBerry’s and Android’s respective app stores.