Wednesday, February 15, 2012

New Smartphone App Makes Transferring Cash Child’s Play

A new Smartphone app released today which will help us to transfer money in a simple way; it will make this process easy as sending a text message. A user can send money up to £300 by entering the recipient’s mobile number. Now you would not need to know recipient’s bank account details or any security code while transferring money. The app transfers money instantly and recipient can withdraw it from an ATM machine at the same time.

Thanks to Barclays who developed this system. Barclays announced Pingit app will be available for other banks too in next month. In the starting this app will only allow individuals to transfer cash to each other, but in month or later it will work for business and charities transfer too.

To use Pingit app customer must have a smartphone such as blackberry or iPhone, users will have to submit their account details and set up a five-digit PIN. Receiver does not need to have a smartphone but they must be registered for the service.

The bank’s head of current accounts, Dan Wass, said this service will be launched across Europe. He said it will change the way of banking, user will feel like having bank in his pocket all the time. Pingit app will allow send money to anyone in UK, without knowing receiver bank account details. You can just send money by knowing their mobile phone number. Yet there is an age limit to use Pingit, only over-18s can use this app, was said age limit will be lowered in the coming months.

Pingit app is secure, if customer pingit’s details are stolen or hacked, hackers would not able to transfer payments without the five-digit PIN and user can also disable the app in case of phone stolen or lost.


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