Barclays has signed a deal with Twitter, making it the first UK bank to allow small businesses and consumers to make payments to each other using just their username on the social network.
Barclays’ mobile payment app Pingit, which can be used by anyone and is not restricted to the bank’s customers – will let users add a Twitter handle to their profile from 10 March, allowing payments to be made to family, friends or small businesses and also received. The service will launch on both Android phones and iOS devices
Under the Pingit service, launched in 2012, users can already make payments using just a mobile number. Around 57,000 companies in the UK are signed up to Pingit.
Once users are signed up to the new service, payments can be completed in three separate clicks. The payment limit per day is £1,500 (US$2,315/€2,060).
In response to security concerns about making payments via mobile phones and the internet, Barclays stressed that all transactions would be carried out within the Pingit app and not Twitter, which means the usual safety and security measures for regular Pingit payments apply.
“We are always on the lookout for new and exciting ways to make people’s lives easier and customer feedback plays a big part in how we chose to further develop our apps,” said Darren Foulds, Barclays’ director of mobile banking and Pingit.
“Adding the ability to pay people or a small business using just a Twitter handle brings together a social and digital experience to create a new step forward for mobile payments in the UK.”
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.
A global survey of 200 corporate treasurers by Temenos and Ovum shows that many expect at least some banking services to relocate away from London.
The US Department of Justice wants Deutsche to pay the penalty to settle an investigation into mortgage-backed securities, but the German bank has a much lower figure in mind.