Alternative Payment Solution: Pingit Market Focusing on Top Key Players Pingit, Barclays, Swish, MobilePay

Pingit is the UK’s first instant mobile payments app, launched by Barclays in 2012. Initially launched as a peer-to-peer (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 offered only 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 Apple App Store, Google Play Store, or Microsoft Store.

The solution enables users to make real-time P2P transfers from their mobile phones using the recipient’s mobile. To transfer funds both sender and recipient need to register with Pingit and link their mobile number to their bank account. 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. 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.

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Leading Key Players Mentioned:

Pingit
Barclays
Swish
MobilePay
Commonwealth Bank of Australia

Scope:

- Pingit is the UK’s first instant mobile payments app, launched by Barclays in 2012.
- The service was initially offered only to Barclays account holders, before being extended to all UK residents with a UK-registered mobile number and UK bank account.
- In 2013 it expanded its payment service, allowing users to make online payments at merchants’ mobile websites or apps with the Pingit app.
- In September 2016, partnered with CBA, allowing Pingit and CBA’s CommBank app users to make cross-border transfers.

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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The report provides information and insights into alternative payment solution Pingit, including -
- Detailed insight into its business and geographical presence
- 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

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