Barclays says its new mobile money transfer service, called Pingit, is the first service to allow person-to-person funds transfers in Europe.
At launch, Pingit will link Barclays customers’ accounts to their mobile phone numbers to facilitate transfers. But the U.K. bank says it will eventually expand the service to include all account holders throughout the country. Effective immediately, non-Barclays banking customers can register at www.barclays.co.uk/pingit to receive payments.
The app — available for iOS, Android, or Blackberry devices — will be free to use, and is “as safe as any other banking transaction,” Barclays says.
The app will restrict transfers to money values between £1 and £300, with a daily send limit of £300 and a daily receive limit of £5000.
Barclays provides financial services to roughly 48 million clients worldwide.
Click here to read the complete article.
