By Mohammed Waseem
As banks adopt mobile banking apps, money transfer has been the new addition. Barclays bank of the UK launched an app called Pingit, which can now be used for making money transfers in the UK and to select qualifying countries.
Since launch in 2012, only the Barclays current account holders of age 18 and above were able to use this app for sending and receiving money. But as global banks are opening up to the customers, Barclays decided to make this service available to all their customers aged over 16, who have a current account. Not only that, they went a step ahead in making it available even for non-customers. So any individual who has a current account at any UK bank can use this app and make payments. This app is also available for UK small businesses, who bank with Barclays. There is also an option to receive payments on the Barclays website, which is open to all app users and also to UK small businesses who bank elsewhere and Barclays’ corporate customers.
The app is available for Android, iOS and Blackberry OS. However, money transfer is associated with the phone number rather than the app installed on that phone. This means that all phones will be eligible to receive payments and not just smartphones with Pingit installed. In this case, the recipient has to register online for collecting the payment.
Pingit works on Faster Payment Scheme and all transfers happen instantly, even between Barclays and non-Barclays customers. All transfers are free of charge and the daily limit for sending is £1,500, while for receiving it is £5,000 and the minimum sending amount is £1. However, for joint accounts as well as for payment being made to businesses different limits apply. Payments can also be made internationally to select qualifying countries at no extra charge, but the recipient in other countries must be pre-registered for an appropriate Barclays service.
When the payment has been made, if the recipient is not a Pingit user, they are asked to register for it online or in the app within 24 hours of 5 days, as the sender chooses. For certain businesses, payments can also be made using short codes and QR codes.
Businesses can receive money from customers at no monthly charge. All they need is a mobile phone and a phone number. The app also supports making refunds and generating daily reports.
Like many other banks, they have introduced many good features in this app, but what makes it stand out is that it has no extra charge.