Barclays has promised to make money transfers quicker and easier for all with its Pingit smartphone app launched today.
The free app allows users with current UK bank accounts to transfer money to another UK current account via their mobile phone number. No other account information is required.
The service links the account with the user's mobile phone number, enabling money transfers without the hassle of memorising complicated account numbers and bank information.
The Pingit app is available on iOS, Android and Blackberry, or customers can register online to receive payments.
Barclays Pingit could revolutionise the way people send and receive money.
Barclays ensures transfer security with a five-digit passcode, set by the user.
"Barclays Pingit could revolutionise the way people send and receive money," said Anthony Jenkins, Barclays chief executive.
"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."
Currently, only Barclays customers can use the Pingit app to send money. There will be a second release in March at which time all UK current account holders may download the app.
"We're committed to making customers' lives much easier, giving them more choice in how they manage their money, and Barclays Pingit absolutely does that," Jenkins said.
"I'm sure we'll soon be wondering what we did before it."
