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Alternative Payment Solution: Pingit

Alternative Payment Solution: Pingit

Summary

Pingit was the UK's first instant mobile payments app, introduced by Barclays in 2012. Initially launched as a P2P payment service between individuals, it extended its service for merchants, allowing them to accept payments for online and offline purchases. The service was initially only offered to Barclays account holders, before being extended to all UK residents with a UK-registered mobile number and UK bank account. The app can be downloaded from the App Store, Google Play Store and the Windows App Store.

The solution enables users to make real-time P2P transfers from their mobile phones using the recipient's mobile. For Barclays customers, the app is directly linked to their Barclays current account, while for non-Barclays customers a Pingit account is created within the app, which users can top up with their linked bank account or debit card. It also allows users to send funds to individuals who are not registered for Pingit; the recipient will receive an SMS asking them to register with Pingit within seven days. Once registered, the money will be credited to their account.

The solution also allows in-store payments, enabling customers to transfer money to offline merchants using their mobile number, Twitter handle or Short Code (a code specific and unique to a merchant). Users can also pay merchants by scanning QR codes available at partner merchant stores with the Pingit app. In addition, users can make online payments at merchants' mobile websites or apps with the Pingit app.

The report provides information and insights into alternative payment solution Pingit including -
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones.

Scope

- In February 2012, Pingit was launched by Barclays and was initially available for use only by Barclays current account holders.
- Pingit is a mobile payment service launched by Barclays, allowing users to send and receive money using just a mobile phone number.
- Pingit allows users to make online payments at merchants' mobile websites and apps.
- In April 2018, Barclays partnered with PayPal. The partnership will apparently connect Pingit and PayPal to enable customers move and manage their money.

Reasons to buy

- Gain insights into Pingit's business operations and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Single User License: Report will be emailed in PDF format and can be accessed by a specific user. This License type allows the report to be Printed.
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Alternative Payment Solution: Pingit
Published By :GlobalData
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