It will soon be possible to transfer money by simply... sending a text, thanks to the new phone app that was released today.
The Pingit app, developed by Barclays, is free of charge and enables users to send and receive money to/from any Barclays current account holder that owns a mobile phone. It integrates customer’s bank account with their mobile number and allows users to transfer between £1 and £300, and a maximum of £5,000 per day. It is currently only used by Barclays, however next month it will become available to other UK banks and building societies.
No bank details would have to be shared as the app links the user's current account with their phone number. You can download an app on iOS, Blackberry and Android and then activate the process by registering online. The security of this feature is also ensured by providing users with 5-digit safety code set by themselves. However it is the customer’s responsibility to make sure they input the correct mobile number during registration.
In some developing countries, however the mobile money concept is nothing new. In Kenya, the mobile money transfer system M-Pesa was developed in 2007 and is now part of nation's everyday life. In Africa, therefore where only a minority have a bank account but almost everyone has a mobile phone, mobile banking evolved faster than in any western country.
This technology will revolutionise the way we send/receive money and make the process much easier and convenient. There are expected to be plenty of security concerns and therefore consumers will need to opt in before joining the database. However, with the high competition from Barclays rivals there will be plenty of innovations and improvements to come.
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