Pingit is a payment service and app by the bank Barclays, introduced to be used on most smartphones, including iPhones and Androids. It means you can make mobile payments by connecting your mobile phone number to a UK bank account. As well as paying your credit card bill, the service lets you send payments to anyone, including friends, family, businesses, or tradespeople. In that case, you can just create the payment and the person you want to pay gets a text message with details of how they can collect their money.
Pingit was set up so you wouldn't have to remember lengthy account numbers or sort codes, and you can just send the payment from one mobile to another. Barclays told us they had made the decision after reviewing all the products and services it provides, and Pingit didn't make the cut. I have called different Barclays helplines with no luck.
I also tried online chat and went into a branch. Initially the staff told me it was going to take hours, but I am yet to receive any information on my trace and no one can tell me where my money is. I had previously made a successful payment to the same friend using the same account details and for a similar amount. Barclays said the money had left its end, but my friend has checked with her bank and it has said that nothing has been processed. Oli is a writer for Finder UK. He writes guides, features and news about a range of topics, including banking, credit cards, mortgages and personal loans.
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Please appreciate that there may be other options available to you than the products, providers or services covered by our service. Digital banking. Pingit app review Owned by Barclays, mobile payment app Pingit provides a way to send money instantly and effortlessly using just a UK mobile number. How Pingit works. Oli Collins.
Updated Dec 27, Please read our Privacy Policy. Barclays Bank has confirmed the closure of mobile P2P payments app Pingit, almost ten years after its pioneering launch in Sponsored: Sustainable Finance.
Why did Barclays fail with this effort? What is in the essence of this story of Pingit? I think Pingit was a great innovation. What happened? Who knows the answer? Is Pingit a competitor to payment services like Zelle? What is the reason for the close down despite being successful.
I worked at Barclays during the time when Pingit was launched and up to and beyond the point when Open Banking was introduced. These opinions are personal and are not necessarily representative of the Barclays position or motivations.
Pingit effected bank to bank transfers using a mobile phone number as a proxy for a sort code and bank account number. Underpinniing this 'feature' was a bank to bank transfer via Vocalink's Faster Payments network. This is the same process Open Banking payments follow today. My guess would be that Barclays could justify this decision for several reasons: its mobile banking platform and Bpay provide similar functionality, the proliferation of Open Banking services and the scope of companies driving adoption [distributes the cost of creating acceptance], or maybe the possible lack of differentiation.
Open Banking and Open Finance in combination with the capabilities of the crypto building blocks [in particular verifable credentials] will, in my opinion, introduce a new level of efficiencies for payment networks or Bank to Bank transfers. In fact I'd like to predict that one day people will say, of Open Banking, its key contribution was to 'simplify the payments value chain'. Enabling banks to do what they did hundreds of years ago: put people in control of asserting something they own or have proven.
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