In what Barclays is announcing as a UK first, the bank hasannounced a new payment service that will let people pay each other and smallbusinesses using just their Twitter handle. According to the bank, the servicewill be available on both Android phones and iOS devices next month and theTwitter based payments will be run through the bank’s Pingit mobile fundstransfer service.
According to Barclays in order to use the service, consumerswill simply have to link their Twitter handle to their Pingit profile and thenthey will be able to direct cash payments to other users of Twitter. With over 3.7million downloads and over £1 ($1.55) billion sent since Pingit’s launch in2012, Barclays hopes to boost adoption of the mobile payment service given that80% of UK Twitter users now accessing the social network through their mobileregularly.
Commenting on the announcement, Darren Foulds, director ofBarclays’ mobile banking and Pingit said, “Adding the ability to pay people ora small business using just a Twitter handle brings together a social anddigital experience to create a new step forward for mobile payments in the UK.”
With mobile payments on the rise and use of social media serviceslike Twitter still very popular among consumers and particularly among youngerdemographics the tie in of Twitter and Barclay’s Pingit makes a lot of senseand should help Barclays remain one of the most innovative banks in the UK.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments, Mercator Advisory Group
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