UK financial services company Barclay launched a person-to-person payment application called Pingit, and has already seen tremendous success in the early stages, reaching over 400,000 downloads since launching in February. The technology behind their application is simple; it that allows users to transfer money using only a mobile number, removing the need to transfer important and personal banking information.
With the rising importance of mobile device usage, financial institutions are quickly adopting new ways to interact with customers beyond providing services to check account balances and other basic banking needs. Pingit’s early success points to the growing demand for simple and intuitive payment platforms that co-exist with current methods consumers are using with mobile technology. As Gary Schwartz, CEO of Impact Mobile notes: “Pingit is simply tying your banking to your phone number to allow you to use this number to transfer cash is the same way you communicate to friends or vendors.”
In a short period of time, Pingit became the fastest downloaded financial app in the UK Apple Store for the entire month of February. Moreover, eBay users and smaller UK merchants are moving towards this app as a way to accept payments. Barclays aims to continue to develop add-on features to the app, making it a more all-encompassing payment tool.