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Pingit - Competitor Profile

Pingit - Competitor Profile

Summary

Pingit was the UK's first instant mobile payments app, introduced by Barclays in 2012. Initially launched as a peer-to-peer (P2P) payment service between individuals, it was extended 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 Apple App Store or Google Play Store.

The solution enables users to make real-time P2P transfers from their mobile phones using the recipient's mobile number. For Barclays customers, the app is directly linked to their Barclays current account; 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. Pingit also allows users to send funds to individuals who are not registered with the service; the recipient receives a unique website address that asks them to verify themselves through a code sent to their mobile number, after which the money is credited to their account.

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

The report provides information and insights into 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 initially made available exclusively to Barclays current account holders.
- In August 2012, Pingit launched its international money transfer service.
- In August 2019, Pingit launched a dedicated e-store for users to buy multiple wearable payment devices.
- In September 2019, Pingit launched wearable kitty, a fancy dress costume fitted with a payment chip, enabling wearers to make contactless payments with wearable payment technology.

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.
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Pingit - Competitor Profile
Published By :GlobalData
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