Expats to be able to 'ping' cash internationally via mobile phones
British professionals moving overseas will soon be able to send and receive money across the world by using just a mobile number.
Expats will be able to use Barclays’ new service Pingit, an innovative free app that allows people to send up to £750 a day to family members, friends and small businesses.
Equally, expats can receive up to £5,000 a day from other people, although it appears that certain individuals will be entitled to varying limits depending on circumstances and income.
According to Barclays, cash will arrive in designated accounts within minutes of being sent via a mobile phone. There is no handling fee.
Moreover, it is not only those who bank with Barclays who can benefit from the service – it is also available to customers of all UK banks and building societies.
The pioneering new system is to be rolled out globally, starting with 13 African countries by the end of the year and then into much of Europe in the first half of 2013.
“Pingit is quick, convenient, secure and free – it’s revolutionised how people send and receive money in the UK, and now has the potential to transform international payments around the world,” Antony Jenkins, chief executive of Barclays Retail and Business Banking, added.
“We constantly strive to improve and evolve our services around our changing customers needs, and this latest development is part of a series of enhancements to make mobile payments more accessible and easy to use. Barclays has a long history of innovation firsts and we continue to lead the way in the banking industry.”
It therefore comes as no surprise that in today’s digital and interconnected age, typified by the multifunctional nature of a mobile phone, Pingit has been a success in the UK.
Within the first six months of its launch alone, the novel service was downloaded one million times. It is fair to say that its crossover appeal to expats – and its usefulness – will no doubt make it an international success.
Cadogan Tate is an international moving company that specialises in relocating belongings abroad.