However, the new Barclays Pingit app could make it even easier for us to manage our funds – allowing users to send and receive cash to anyone with a UK current account and mobile phone number.
The app (which is currently only available to Barclays customers), links the users current account with their phone number and allows users to carry out transfers without having to share any bank account details. This means that those sending money only need to know the recipients telephone number.
Though the current app is only available to those who bank with Barclays, a version which is available to all current account customers regardless of who they bank with is set to be released in March.
The app allows you to send payments ranging from between £1 and £300 and caps of transfers at a maximum of £5,000 a day. According to Barclays, the transaction is just as safe as any other that would take place in branch or online and is protected by a five digit user created code.
According to Barclays chief executive Antony Jenkins, this app could ‘revolutionise’ the way people send 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.” He said.
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