barclays ring the changes with money transfer phone app

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THE first smartphone “app” allowing current account customers to transfer their money using only their telephone has been launched by Barclays.

Customers with its new Pingit app can transfer up to £300 from their bank account using only the recipient’s phone number, with no need for sort codes and account numbers. The money switches account instantly but transfers are currently limited to individuals.

To use the app, Barclays current account holders have to download it to their smartphone, link up their bank account details with the phone and register a five-digit pin. Cash can only be transferred to others registered for the service, though they don’t need a smartphone to receive the money.

Anyone with a UK current account can register, though the app will not be available to other banks and building societies until next month.