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Barclays introduces new app to replace cash

Leading high street banking group, Barclays, has introduced a new app which can enable customers to transfer cash via their smartphones.

The new app, branded ‘Pingit’, works by linking a smartphone owner’s mobile number to his or her bank account; and enabling the user to send the cash to another registered user simply by keying in a special five-digit security code.

Examples of where the app could be most productively used mainly centre on instances of small quantities of cash needing to be transferred to others.

These could include ensuring the main bill payer in a restaurant receives prompt payment from friends covering their share of the bill.

It could also help to pay on the spot bills such as those for an emergency plumber or fast food delivery service.

Commenting on the banking group’s new technology, Antony Jenkins, head of retail at Barclays, said the group also saw the app as a way of increasing its customer profile:

“It lets us build relationships with new customers as well as strengthen relationships with our own customers”, he said.

Jenkins said he believed that the availability of the new app could even influence non-Barclays customers to opt for the bank’s products when it came to taking serious financial decisions:

“We will hope this forms a reasonable impression in the minds of non-customers so when they’re thinking about a savings or mortgage product, they will come to us”.

Jenkins said, however, that there was no intention to use the app to bombard users with promotional material.

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