Barclays has launched Europe's first money-sending service that allows UK current account customers to send and receive cash through their mobile phones. The Barclays Pingit app, which is free to use and will be available to all by early March, links the user's current account with their mobile phone number. This enables payments to be sent directly to that account but without the sender needing to know anything more than the recipient's phone number. Antony Jenkins, chief executive, Barclays Retail and Business Banking said: “Barclays Pingit could revolutionise the way people send and receive money. 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.”

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