Barclays launches mobile phone money transfer app

Antony Jenkins, chief executive, Barclays retail and business banking said the app could “revolutionise” the way people send and receive money.

He said: “For friends splitting the cost of dinner, repaying a borrowed £10 or people sending money to a son or daughter at university, it’s free, quick, convenient, secure, and easy to use.

“You can send and receive money in seconds, without having to enter account details.”

Payments must range between £1 and £300 and the maximum someone can receive in a day is £5,000.

Barclays said transfers were as safe as any other banking transaction and the app was protected by a five digit code set by the user.

Rachel Springall, spokeswoman for comparison website Moneyfacts, said: “Whilst this feature strives to be a secure service, customers need to ensure that they input the correct mobile number on outset and that they are careful when making transfers so as not to select the wrong amount.

“It will be interesting to see how other lenders react to this release, especially since the launch of mobile banking as a whole has met many customers day-to-day banking needs.”