Pingit

Digital Bank: Strategies for Launching or Becoming a Digital Bank

by Chris Skinner  · 27 Aug 2013  · 329pp  · 95,309 words

. As long as all is aligned, the account is opened. More recently, Barclays Bank in the UK introduced QR codes to their P2P payments app, Pingit. The app allows billing companies to send paper payment requests to customers with a QR code and, if the customer uses their smartphone to read

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it makes sense. If one bank makes waves, the others will have copied it within a few months. That’s why something like the Barclays Pingit app stands out. Then you get some things that the banks should be copying, like PayPal or Square, and you find that a lot of

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structure, but many hybrid structures to suit different customers and markets. You might even see some new, free banks that mobile only. Could Barclays become Pingit Bank for example? A little like HSBC had to spin out Frist Direct for call centres, and Cooperative had to spin off Smile for the

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bank models that are encouraging new forms of commerce from partnering with new entrants – PayPal, Movenbank, Simple, SmartyPig – to innovating with new services (see the Pingit interview with Mike Walters of Barclays Bank). However, most of my clients still believe that they can fast follow these players downstream rather than innovating

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. The constraint however is that it is card-based and not as easy to use as a mobile. Then that all changed when Barclays launched Pingit. Pingit is a PayPal-style mobile app offering simple peer-to-peer mobile payment, whether you are a Barclays’ customer or not. Developed internally by Barclays

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, it was launched in February 2012, and the ad campaign started in April. What proved interesting in the launch is the speed of use of Pingit. From day one in February, people were downloading the app fast – 120,000 in the first five days, over 400,000 by mid-April and

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media is helping, illustrated by this screenshot of their Facebook page. What really helped is that Apple highlighted Pingit as a showcase app, due to its fast download numbers rising, and that #Pingit was the second highest trending topic on twitter the day after launch. Barclays then said that they were surprised

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: 29% of users are 18-25 years old; 37% are 26-35; 26% are 35-50; and 7% are over 50. The real power of Pingit is that it is a really simple idea – use Barclays to send mobile payments – and, more than this, that it’s a method of capturing

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, whether you are a Barclays customer or not. This is why, in May 2012, Barclays went one step further and launched Barclays’ Pingit for Corporates. Now they’re pushing for merchants to offer Pingit via simple QR codes and Corporate Identifiers. The idea of the Corporate ID is that firms can buy

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Pingit accounts such that customers just put in “Tesco” or “Waterstones” and the payment is made without needing to know the company’s account numbers or

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and the payment amount. All the customer needs to do then is hold their phone over the code, check the payment amount is correct and Pingit. For the corporate, there’s also the added advantage that not only do they get all the customer data back they need – account number, payment

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get the impression that of all the banks, Barclays are the ones with the most ‘innovation’ in terms of services and applications – they launched the PingIt app very recently, for example, and I also know from dealing with our BACS software suppliers that Barclays tend to do more for small-medium

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, and recently followed up on this success with the launch of a new peer-to-peer and consumer-to-corporate payments app for smartphones called Pingit. Perhaps you can tell us a little bit about Barclays strategy, as the bank is seen as an innovator today, thanks to much of what

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, a contactless sticker you can place on any phone, and contactless wristbands. Another key thing we did is to create an app for consumers called Pingit. That was developed in the second half of last year and then launched and released in February this year

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. Pingit allows consumers to send payments person-to-person, using just mobile telephone numbers. You do not even need to be a Barclays customer to use

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interest, and so we have since been launching several services for corporate to work with that consumer app, such as paying with QR codes via Pingit for utility bills. And what sort of results have you found since moving into the mobile payments space? The speed of growth of the consumer

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we have spoken to hundreds of clients who are keen to work with us and have been signing them up quickly. Who is a typical Pingit user? The majority are iPhone users under the age of 50. Interestingly the demographic is well distributed across that age range and geographically across the

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-Barclays customers. What about your commercial customers – are corporates interested in this too? Yes. As mentioned, we offer various ways of processing company bills via Pingit. One way is to register your business with us and then customers can pay to a company just by typing in the company’s registered

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payments from the developing markets into the developed ones and, if so, when? For sure. If you look at the recent announcements from Barclays with Pingit and O2 with their wallet service in the UK, these are good indicators for what’s coming down the line and selfishly, individually, I cannot

Before Babylon, Beyond Bitcoin: From Money That We Understand to Money That Understands Us (Perspectives)

by David Birch  · 14 Jun 2017  · 275pp  · 84,980 words

the bank account to get their money? One day soon, my Waitrose app will obtain tokens from my V.me wallet, my MasterPass wallet, my PingIt app, my Zapp app and any other wallets it can find on my phone through a standard discovery process and a standard API. Then, when

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the adult population of Denmark use MobilePay, the mobile-initiated account-to-account immediate-payment service (the equivalent of Zelle in the United States or Pingit in the United Kingdom), which was introduced by Danske Bank in Denmark. It was launched in 2013 and has attracted more than 3.4 million

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customer service and the future is ‘app and pay’. In the United Kingdom we have two mobile A2A front ends to interbank payments: the aforementioned PingIt, offered by Barclays, and Paym, offered by everyone else. Paym has around 2 million people registered and it transferred around £26 million in 2014. We

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happen to be a Barclays-centric household so I use PingIt all the time and find it very convenient. I was very excited, therefore, back in February 2015 when they extended their addressing from mobile phone

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numbers to Twitter handles! (If you want to try this out for yourself while supporting a good cause, by the way, simply fire up the PingIt app on your mobile phone, select a modest amount for test purposes – say, £250 – and send it to @dgwbirch. I will let you know as

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soon as your payment reaches the ‘Dave Birch Holiday Home in the South of France’ emergency appeal fund.) While neither PingIt nor Paym is close to being used by half the adult population of the United Kingdom, or to edging cash out of the way for

Bank 3.0: Why Banking Is No Longer Somewhere You Go but Something You Do

by Brett King  · 26 Dec 2012  · 382pp  · 120,064 words

, banks have elected to add services such as a location-based directory of branches and ATMs, and loyalty discounts. With the recent news that Barclays’ PingIt had 120,000 downloads in its first five days, that Square already has more than two million merchants on its payments platform (around a quarter

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as a competitor to the likes of PayPal, primarily driven from a mobile phone app that enables P2P payments. Barclays, not to be outdone, launched PingIt in 2011—specifically via mobile. In neither case do we need to be a customer of the bank. In 2011, JPMorgan Chase, BofA and Wells

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representative who has access to a specific closed financial system or network. PayPal: A leading P2P payment provider; others include Square, i-Zettle, ClearXchange, Dwolla, PingIt, PopMoney, QuickPay, Vermo, ZashPay. PCI compliant: Complying with Payment Card Industry data security standards. PFM: Personal Financial Management PPC: Pay-per-Click; a method of

The Currency Cold War: Cash and Cryptography, Hash Rates and Hegemony

by David G. W. Birch  · 14 Apr 2020  · 247pp  · 60,543 words

that, if I want to pay you for something, I can send e-money to your bank account, but that is it; I cannot use Pingit or Venmo to put money into your pocket, only into an account somewhere. However, e-cash is just like physical cash: if I send it