Barclays has launched Barclays Pingit – a
person-to-person service for sending and receiving money free of
cost using mobile phone numbers.

Barclays Pingit – a first in the UK – enables
anyone with a UK current account and UK mobile phone number to send
or receive money without sharing bank details, and by using the
mobile phone number.

Customers do not need to have a current
account with Barclays to recieve money at present, and a Barclays
current account user can send money through Barclays Pingit to a
current account users of any other UK bank or building society,
using mobile phone details.

Starting at £1, the total daily send limit
through Barclays Pingit goes up to £300. Each user has £5,000 as
the total daily receive limit.

Barclays Pingit requires customers to download
an app on their smartphone and register for the service with
Barclays. The app is supported by iPhone, Blackberry and Android

Also customers can register to receive
payments with a UK mobile phone number on the Barclays website
regardless of what type of mobile phone they use.

Early March onwards, Barclays plans to extend
the service to enable current account customers of all UK banks and
building societies to receive and send money through Barclays
Pingit by downloading the app.

Antony Jenkins, chief executive at Barclays
retail and business banking said:

“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.”

According to Barclays, the transfers are “as
safe as any other banking transaction” and the app is protected by
a five-digit passcode, set by the user.

Barclays customers can also view their live
account balance on the Barclays Pingit app.

Barclays has over 11.9m current account