New Pingit app presents more problems than positives

Barclays last week released a new smartphone app which allows their customers to transfer money (with a daily limit of £300) using just the account holder’s mobile phone number.

While many have hailed the latest advance in mobile banking as a brilliant indication of a soon-to-come contactless UK economy, we at Cash-is-Cool think otherwise.

Certainly the app facilitates person-to-person transfers that may make paying IOUs and small bills seem simple on first glance. However, considering the lack of information required before accessing the app in order to make a transfer – a simple 5-digit code – we question whether the app is the safest way for you to manage your money?

Should you read the fine print of the Terms and Conditions, Barclays make clear that if you accidentally enter the wrong phone number when transferring funds, they will accept no responsibility for the lost money – in other words, kiss your cash goodbye!

When registering for the app you are required to sign up using your mobile phone number – hidden away in the T&Cs is a note from Barclays providing the bank with the right to send “marketing missives” to all registered phone numbers. So, while signing up for the app, be aware that you are also signing up for numerous spam SMS messages from the bank!

Add to this the many reports of problems with downloading and registering for the Pingit app and the whole fiasco seems rather more trouble than it’s worth – surely a quick trip to the nearest cash machine will ensure an easier life?