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MSE News: Barclays extends Pingit mobile transfers app

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MSE News: Barclays extends Pingit mobile transfers app

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
8 replies 4.6K views
MSE_GuyMSE_Guy MSE Staff
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I've been Money Tipped! Newshound! Chutzpah Haggler
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
This is the discussion thread for the following MSE News Story:

"Virtually any current account customer can now use Pingit to send money using a mobile number ..."

Replies

  • pete_vpete_v Forumite
    56 posts
    Cautiously positive about this.

    I trust UK banks more than I trust, say, Paypal.

    Essentially all this is is a list, maintained by Barclays, that links mobile number to sort code / account number. The list will of course be kept securely, but even if there were a breach neither of those sets of numbers are massively confidential (your sort code and account number are printed on the bottom of your cheques).

    Given that list, someone with a Barclays account (full or this special mini one) says they want to send money to your phone number, Barclays use their list to look up your account numbers, then they do a normal Faster Payments transfer from the sender's account to yours.

    It's really not that different to how we currently send each other money by faster payment, except that if enough people adopt it, most of the rough edges of setting things up will be smoothed off.

    Only downside I can see is if, once people are using it, they start charging for it and jacking up the fees, like PayPal did.

    Pete
  • Would I be correct in thinking that if you are not a Barclays customer, then any funds in your 'wallet' account would not be covered by the FSCS compensation scheme, in a similar way that money on pre-paid credit cards is not currently covered?

    If so, then this really is something that should be mentioned in the original article.
  • I signed up for this, I don't bank with Barclays..

    I also had to visit a branch to show my id etc ... I educated the branch a little, however, I was enormously impressed that the assistant followed her procedures and sort it.

    So Barclays well done with staff attitude ..:T
    Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam No idea why you removed it as it was something I learnt from this site - bizarre
  • hillendalehillendale Forumite
    311 posts
    Part of the Furniture 100 Posts Combo Breaker
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    Just downloaded the iPhone Barclaycard Pingit App
    Barclaycard set you up a wallet prepaid account
    This gives you a sort code & account.Can this be used as a normal prepaid basic bank account with funds paid in using the sort and account number.
  • manulikemanulike Forumite
    71 posts
    Anyone, with almost any mobile phone (must be able to receive text messages) can register to receive money.

    To pay (up to £300 per day) you must have a smart phone.

    If you do not have a Barclays account, you must set up a WALLET FUND, that you can top up in various ways:
    Part E – Wallet terms The general conditions of the Customer Agreement with us (Barclays Bank PLC) apply to the use of the Barclays Pingit Wallet account (the 'account'). These can be found at our website Barclays.co.uk/pingit. The following additional conditions also relate to the Barclays Pingit Wallet account and supplement and amend the general conditions.

    1. Operating the account

    1.1 The account is an e-money account which can be used to make or receive payments through the Barclays Pingit Smartphone app ('the app'). You can only operate your account through the app.

    1.2 You can top up or fund your account up to any amount:

    (a) by direct transfer (for example using Online or Telephone Banking) from any of your other UK bank accounts;

    (b) by standing order; or

    (c) by paying in cash over the counter at a Barclays branch.

    You can only receive payments up to a maximum of £5,000 per day into your account from other Barclays Pingit users. If a payment is sent to you that will cause you to exceed this limit, we will return it to the sender.
  • SystemSystem
    177.8K posts
    10,000 Posts Name Dropper
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    OMG! I can't believe how dumb this Pingit idea is!! I signed up and have just finished registering and have just found out I have to top up the "wallet account" first before I can then pay someone! How useless is that? I might as well pay them directly. When I use PayPal I just make the transfer without first having to put any money in my PayPal account - that is done automatically via direct debit.

    What a complete waste of time!

    I have just called the Pingit helpline and cancelled my account.
  • pete_vpete_v Forumite
    56 posts
    Would I be correct in thinking that if you are not a Barclays customer, then any funds in your 'wallet' account would not be covered by the FSCS compensation scheme

    If you have a "wallet" account, then you are a Barclays customer.

    It's fairly clear from the signup process that this service is really just tying together existing bank products (basic current account, Faster Payments transfers) with a thin layer of pretty user-interface on top.

    Pete
  • manulikemanulike Forumite
    71 posts
    Agree with Pete.
    As a small business that can not afford the monthly rental on credit card machines (or their 2% commission) - having some of my clients use Pingit as a form of secure payment is a Godsend.
    The Wallet is meant as emergency funds, and having £100 or even £300 (the maximum daily) in it should be considered as exactly that - emergency money
This discussion has been closed.

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