Britain’s very own and one of the world’s leading banking giants Barclays has made a huge announcement today with the launch of its very own application called “Barclays Pingit”. The free app which brings mobile payment in the palm of your hands is available for all Android, BlackBerry and Apple devices. Pingit lets users transfer money upto £300 per day using nothing more than a phone number. One important thing to be noted is the fact that the current version does not support NFC capabilities unlike Google Wallet, the reason being that UK is still trying to get upto speed with this new technology so for the time being, Barclays have opted for a much more simpler but useful approach.
The app works by linking your bank account to your current mobile phone number. To make a payment to someone, you can either choose them from your address book or enter their phone number manually. The secure transfer is then carried out in seconds. Everything is secured by a five digit passcode.
With the number of smartphones ever increasing, anything that can make something tedious like bank transfers and sending money more convienient is a step in the right direction. Some will always be cautious over using their phone to deal with their money. The emphasis here though is that using an application such as Pingit is as secure as regular online banking which we do all the time.
Unfortunately, the app currently lets you transfer money only if you have a Barclays account but as promised earlier, this service would be made available to other banks as well sometime in March, 2012 which means any bank can be registered to receive and send money.