New payment technologies are appearing in the market at an increasingly rapid and innovative pace. Leveraging these new mobile technology to push new payment avenues is becoming increasingly importance. What can we learn from the launch of Pingit the latest release in the the mobile banking revolution?
Last week saw the launch by British bank, Barclays of the new mobile transfer service Pingit, which allows mobile users to send instant cash to each other as quickly and simply as sending a text message. The service was launched to Barclays customer base of over 1.9 million people, who can download the Pingit app and send instant payments of up to Â£300 (roughly around 1,700aed) to other bank accounts.
The app is looking to be extended to all UK banking customers as soon as early March.
Safe, Secure, Easy
Pingit is very easy to use, anyone with a smart phone can send money, and anyone with any type of mobile phone and any bank account can receive it. It's the kind of technology that is best targeted to small payments amongst friends.
Once signed up, customers enter the number of the intended recipient who will then receive a message instructing them how to get their money.
Any amount over Â£1 can be sent. If the recipient doesn’t collect within 24 hours the payment is reverted.
Users need to come up with a 5 digit code needed to use the app, meaning even if there phone is lost there is no risk to security.
Pingit has met a demand for fast and secure payments of small cash amounts.
The Demand For Instant
Pingit is just the latest technology being put into action in the mobile banking revolution. Pingit saw 20,000 customers sign up in just two day which shows that customers are willing to use this new technology and it is excepted to become increasingly in demand.
So now consumers can transfer money to friends quickly and easily. Will this create further expectations for other types of payments, such as transferring larger amount just as simply and quickly?
Pingit is looking to be extended to all UK banking customers as soon as early March. We're interested to see how fast this technology will be adopted in the Middle East and worldwide.
At Cards and Payments Middle East this year one of the focuses will be on how to leverage mobile technology to push new payment avenues. To stay ahead with worldwide payment technologies click here or find out how you can be part of this years event visit our website.