TRY FOR FREE

Barclay’s Enables First Remittance Corridor between UK and India through Pingit, $55 Bn to be Remitted via Mobile Phones by 2016

Remittances market is huge and growing exponentially. Mobile Remittance seems to a perfect option for existing players to cut cost and increase margins. According to the World Bank Report 2012, it is estimated that close to $55 billion will be remitted via mobile phones across the globe during 2016. This will be four times the amount that was transferred through this technology in 2011. Recently, international financial services provider – Barclays – launched a new function that enables mobile payments to India via its Pingit mobile payments service.

Barclays Pingit was launched in February 2012. It was the first service in U.K to facilitate the instant payment as well as receipt of money utilizing mobile phone numbers to anyone with a UK current account and UK mobile phone number, without the requirement to share bank details. Using the Faster Payments Scheme, payments are immediate and the app is free to use for retail customers of any UK bank.

  • The app will now enable users in the UK to transfer payments to friends or family in India, utilizing just a mobile number.
  • This is a first as neither the senders nor recipients need to be Barclays customers, stated the firm.
  • Barclays Pingit users in the UK just need to send a payment utilizing the mobile phone number of the intended recipient in India.
  • The sender is not required to obtain any swift codes, sort codes or account numbers of the recipient.
  • Thereafter, recipients will receive a registration notification for the first time, or once registered an alert to confirm payment has been made.
  • Payments can take up to 48 hours, said Barclays, and there transaction range lies between a minimum of £25 and a maximum of £1,500.

The Indian market is the market with the highest volume of remittance from th ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.

RECOMMENDED