Barclays in the UK has launched a new app that allows bank customers sent payments to other people. The system lets you transfer up to £300 per day by using contact details on your device. When the receiver of the money gets a message about the transaction, they are then sent instructions on how to claim that money.
The app is also being made available for Android and BlackBerry devices.
At the moment the app is just for Barclays customers although you can send to anybody in your phone book. The receiver gets the money from registering on the Pingit website.
Barclays will be opening up the app to other bank accounts as well in the near future. A handy feature is that the app provides a very simple way to look at the balance on your account.
One potential security risk is that it gives others a way to get to your bank account. It requires a 5 digit pin to access the app, but once in you can transfer money elsewhere. Authentication at signup requires that you use Pin Sentry although after that, it appears to not be required.
You can download the app now for free in the various app stores.
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