Mobile phones: the latest tool to transfer money!

An innovative and revolutionary system to transfer money within the UK has recently been launched by Barclays Bank. The new mobile application called Pingit allows Barclays customers to easily transfer money to any individual who has a UK-based mobile number or bank account.

National money transfers have never been that easy as mobile phones are indeed playing a huge role in simplifying the whole process with the simple use of a five-digit passcode. As a matter of fact, registered customers can send and receive amounts up to £300 and £5000 just by knowing the name and the mobile number of the person they want to transfer the payment to.

Once chosen the contact from the address book, the payer just need to insert the five-digit security code to confirm the payment and everything is done! The amazingness of this system is that not only does it allow people to simply sort payments from any locality within the UK, but it also ensures a high level of security as all data are encrypted before being sent and the bank details are not saved on the phone.

Increasingly more people will be able to take advantage of this mobile application, as Barclays is working to allow any non-Barclays customer to use this service. Mobile phones are definitely becoming a major part of our lives.