While NFC being used to transfer cash from one person to another is the trend du jour, Barclays has launched an app that could make transferring money easier between people who otherwise cannot transfer money via NFC, since they don't live in the same place. The app is called Pingit and it allows users to transfer money to another user by just using the recipient's phone number. It's almost like you're texting the recipient money, be it a person or even a restaurant (if they have it set up). According to The Mirror, there is no need for routing codes or account numbers. Also, the chances of delay are minimized.
Barclays Pingit screenshots
Barclays says that the application has huge potential and while it is currently only able to transfer money between individuals, they are planning to open it up so users can pay bills, use the application for business, or to transfer funds to charities. The app currently allows users to transfer amounts between £1 and £300 (between Rs.77 and Rs.23,319 approx), each day from one account to another. Also, in one given day, a user may only receive £5,000 (approx Rs.3,88,666). So, when one user owes another £10.56 for dinner, the transfer is a lot easier. The application is also currently restricted to Barclays account holders, but there are plans to roll out the application for account holders of other banks in the next month or earlier. Also, currently the app can only be used in the UK.
The application runs on iOS, Android and BlackBerry. It is available for free from the iOS App Store, the Android Market and BlackBerry App World. To use the application, once launched, the payer needs to enter the recipient's phone number, then the amount and then hit send. If the recipient is registered with Pingit, the money will go straight to their bank account. If they're not registered, they will receive an SMS with instructions on how to go online and complete the transaction. Receipts for non-registered users must be dealt with online within 24 hours or the transaction will be cancelled. In terms of safety, Barclays says that the app is safe to use with such sensitive data, because it cannot be used without the five digit password entered during the registration process. Furthermore, if a phone is lost or stolen, the details from the application can be remotely deleted.