Barclays bank has launched a service for transferring money from customer accounts to any other account-holder in the UK, using their mobile phone details. Called Pingit, the service requires both payees and payers to download an app on their smartphone and register for the service with Barclays. Smartphones supported by the service at launch are iPhone, RIM and Android devices. The service is intended to take the place of low-value cash transactions and according to Barclays Retail and Business Banking COO Shaygan Kheradpir, is an attempt to bring ATM services into the mobile digital world. “This is a renaissance of retail banking,” he told CIO UK. “Money will be moved from one account to another in a matter of seconds. This is a cloud-based mobile peer-to-peer transfer system.” Customers must register with the service on a website, over the phone, in a branch or over one of Barclays ATM machines. Kheradpir was unspecific about how it is done, but he told CIO UK that the ATM would link with the customer’s mobile to transfer data, so that the registration process can be completed. The most likely use for the service from launch is the transfer of money between private individuals. Kheradpir used the illustration of parents sending their child studying university money remotely as a typical use for the service. No mention has been made of any other banks or retail organisations supporting the Pingit service. So far, this is a unilateral move by Barclays but the bank hopes that third parties will use build on the Pingit service with their own apps, which may open up the service to paying utilities or small-value purchases in stores. UK current account holders can register for the service at www.barclays.co.uk/pingit Related content opinion Website spoofing: risks, threats, and mitigation strategies for CIOs In this article, we take a look at how CIOs can tackle website spoofing attacks and the best ways to prevent them. By Yash Mehta Dec 01, 2023 5 mins CIO Cyberattacks Security brandpost Sponsored by Catchpoint Systems Inc. Gain full visibility across the Internet Stack with IPM (Internet Performance Monitoring) Today’s IT systems have more points of failure than ever before. Internet Performance Monitoring provides visibility over external networks and services to mitigate outages. By Neal Weinberg Dec 01, 2023 3 mins IT Operations brandpost Sponsored by Zscaler How customers can save money during periods of economic uncertainty Now is the time to overcome the challenges of perimeter-based architectures and reduce costs with zero trust. By Zscaler Dec 01, 2023 4 mins Security feature LexisNexis rises to the generative AI challenge With generative AI, the legal information services giant faces its most formidable disruptor yet. That’s why CTO Jeff Reihl is embracing and enhancing the technology swiftly to keep in front of the competition. By Paula Rooney Dec 01, 2023 6 mins Generative AI Digital Transformation Cloud Computing Podcasts Videos Resources Events SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe