Now, Barclays current account holders can perform transactions easily using their Pingit app. After its launch, this service would be the first money transfer service using mobile number in Europe. This application allows the account holders of Barclay bank to easily send money to their respective recipient by simply using their mobile number. Barclays current account customers can send money to current account customers of all the UK banks and building societies using the Pingit application.
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At present, other UK Banks customers will be able to register online only to receive money from Barclays account holders. The free Barclays Pingit application is accessible on Android, Blackberry or iOS phones. This service will be available to all the account holders of UK banks by early March.
The Barclays Pingit app can be downloaded easily. The processing of this application is also as simple as its download. User of this app can transfer money to the lender without using any account number and sort code. By entering the phone number of receiver, sender can directly transfer the money into receiver’s account. This is possible because user’s current account is linked directly with their phone number. This application uses Faster Payments service to transfer the money in few seconds. Users must not worry about the security of their transactions as this money transfer is safe as any other transaction method. Moreover, the application of the user is secured by a five-digit pass code. Users can transfer money from £1 to £300 per day to the recipient, while recipient can receive maximum amount of up to £5,000 (daily limit).
This service will be more useful to those who carry most of their works on mobile. This application is flexible and a tool to save time, which is rather wasted in other modes of transactions. Particularly, family members and friends will be more helped by this service to access regular money transfer needed. Businessmen like window cleaners, plumbers and others who have business where they are paid regularly can be paid rapidly, effortlessly and safely using this service. Unfortunately, this service is restricted only to UK current account holders and UK mobile phone users.
Chief Executive of Barclays Retail and Business Banking commented that this service will improvise the money transfer process. Sharing the cost of anything with friends, paying borrowed money to somebody or family members, etc. activities can be carried easily, conveniently and safely regardless of account number and other account details of the sender and receiver. He added that they are committed to the customers. Thus, they have provided Barclays Pingit service to their account holders to manage their money systematically.