Pingit brings transfers to UK account holders using their phone number.
Of course, mobile money is nothing new, and most UK banks now have an app that optimises the online transaction process for the smartphone.
Where this is a little different is in the fact that payments can be sent without a bank account number being disclosed. The mobile number and a five digit PIN is enough.
However, customers must first register their details online via the Pingit website. The Pingit app is available for the iPhone, Android and Blackberry.
It's for Barclays users only, although in time customers of other UK banks will also be able to sign up.
Antony Jenkins, CEO of Barclays Retail and Business Banking, said: "Barclays Pingit could revolutionise the way people send and receive money.
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“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.
“We’re committed to making customers’ lives much easier, giving them more choice in how they manage their money and Barclays Pingit absolutely does that. But it is not just Barclays customers who benefit as it’s available to current account holders of all the other UK banks too.”
Inevitably, security questions will now be asked. Barclays has stressed the resilience of its back end system, but the real danger could be in malicious apps that hack into the app and initiate payments to unsolicited accounts/mobile numbers.
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