Barclays has launched a fee-free mobile payments service internationally. Pingit, an app that lets people link their bank account to their mobile number to send payments, is set to be rolled out internationally, across 13 African countries by the end of this year with expansion into Europe in early 2013. Payments from the UK to Kenya are the first phase of this major international expansion, launching this week.
Pingit limits remain the same: UK customers can send up to £750 per day and customers in Kenya will be able to receive up to £5,000 per day. Payments will be made instantly arriving within minutes, whereas traditional international services charge a fee and can take up to nine days for the money to arrive.
Retail customers will also be able to take advantage of wholesale currency exchange prices by linking the service to the industry leading BARX FX platform shortly after the launch. This will bring what is normally available to corporate clients to the mass market, making market-leading exchange rates accessible to everyone.
In the first six months Pingit has already achieved over one million downloads in the UK.
Antony Jenkins, chief executive officer (CEO) of Barclays retail and business banking, said: “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. Kenya is a key market where Barclays has operated for over 95 years, and we anticipate significant demand for mobile payments across Africa.”
Rising interest rates, excitement around blockchain use cases and cross-border payments were all hot topics at this year's AFP conference in San Deigo.
Today CGI and GTNews have announced the launch of the fifth annual Transaction Banking survey report, which offers which offers critical insight into the corporate-to-bank relationship.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Treasurers are being expected to do more work with fewer resources than ever before, so it is little wonder that the automation of day-to-day operations was highly discussed on the second day of EuroFinance, the annual treasury event held in Barcelona this week.