Barclays new mobile app potential rival to PayPal

A “revolutionary” app enabling people to send and receive money just by using mobile phone numbers is to be made available to Barclays Bank customers across the UK.

The Barclays Pingit allows users to send and receive cash to or from anyone with a UK current account and mobile phone number, without having to share bank details.

The app, which is free to download and use, links the user’s current account with their phone number and those sending money only need to know the recipient’s mobile number.

The good news is that the app  will be made available to all current customers of UK banks and building societies, with full UK access expected to be rolled out by March.

To send money, customers can use the app available on iOS, Android and Blackberry, or they can register online to receive payments regardless of what type of phone they use.

With banks seeing billions of pounds transferred between accounts via services like PayPal on mobile devices, one has finally launched its own service that is capable of rivalling the eBay-owned company.

The service is aimed not only at helping friends and family send payments between accounts, small business owners will also be able to register numbers on the service and receive payments for goods and services, without the need for a credit card machine.

Antony Jenkins, chief executive of Barclays retail and business banking, said the app could “revolutionise” the way people send and receive money.

He said: “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.”

Payments must range between £1 and £300 and the maximum someone can receive in a day is £5,000.

Barclays said transfers were as safe as any other banking transaction and the app was protected by a five digit code set by the user.