Barclay's Pingit mobile payment app serves as a way for friends to send and receive money from one another, even if they are registered with different banks. Until now, the app has used mobile numbers to facilitate transactions, but an update will soon allow people to bypass keying in a long mobile number and plug in a user's Twitter handle instead.
To make this happen, Pingit users must authenticate their social profile within the app, so that notifications can be sent to the right person. Although banking can be daunting, Barclay's turns the social sharing features of Twitter into a clever solution to reach out to a young, hyper-connected audience. With Pingit, the bank is able to ensure that making a payment is no more difficult than sending a tweet.
Social Banking Apps
Barclay's Pingit App Lets Users Send Money Via Twitter
Trend Themes
1. Mobile Payment Apps - Barclay's Pingit app allows users to send money via Twitter, showing the trend of using mobile apps for payments.
2. Social Authentication - Barclay's Pingit app authenticates social profiles to enable transactions using social media handles, indicating the trend of social authentication in banking.
3. Simplifying Banking - Barclay's Pingit app uses social sharing features to make payments as easy as sending a tweet, reflecting the trend of simplifying banking processes.
Industry Implications
1. Fintech - The fintech industry can benefit from developing mobile payment apps and incorporating social authentication to provide convenient and secure banking solutions.
2. Social Media - The social media industry can explore opportunities to integrate payment functionalities and offer seamless transactions within their platforms.
3. Banking - The banking industry can adopt simplified payment processes inspired by social media interactions to engage a younger audience and enhance user experience.