Pingit is the UK’s first instant mobile payments app, introduced by Barclays in 2012. Initially launched as a P2P payment service between individuals, it extended its service for merchants, allowing them to accept payments for online and offline purchases. The service was initially offered only to Barclays account holders, before being extended to all UK residents with a UK-registered mobile number and UK bank account. The app can be downloaded from App Store, Google Play Store, and Windows App Store.
The solution enables users to make real-time P2P transfers from their mobile phones using the recipient’s mobile. For Barclays customers the app is directly linked to their Barclays current account. For non-Barclays customers a Pingit account is created within the app, which users can top up with their linked bank account or debit card. It also allows users to send funds to individuals who are not registered for Pingit; the recipient will receive an SMS asking them to register with Pingit within seven days. Once registered the money will be credited to their account.
The solution also allows in-store payments, enabling customers to transfer money to offline merchants using their mobile number, Twitter handle, or Short Code (a code specific and unique to a merchant). Users can also pay merchants by scanning QR codes available at partner merchant stores with the Pingit app. In addition, users can make online payments at merchants’ mobile websites or apps with the Pingit app.
The report provides information and insights into alternative payment solution Pingit, including:
- Detailed insight into its business and geographical presence
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones.
- In February 2012, Pingit was launched by Barclays.
- UK residents over the age of 16 with any UK bank account and a UK-registered mobile phone number can register for the service.
- Pingit allows users to make transfers based on the recipient’s Twitter handle.
- Users can send funds internationally to 40 countries using the recipient’s mobile number.
- Gain insights into Pingit's business operations, and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.