Barclays unveils mobile money service

Barclays bank has launched Europe's first money-sending service that allows UK current account customers to send and receive cash through their mobile phones, The Guardian says.

Barclays' 11.9 million current account customers can download the bank's Pingit app to their smartphones and start making instant money transfers to anyone with a UK-based mobile phone and a current account with any UK bank.

The app, which is free to download and use, links users' current account with their phone numbers and those sending money only need to know the recipient's mobile number, The Telegraph reports.

Only Barclays current account customers can initially use the app, but a later UK-wide version, aimed at all current account customers aged 18 and older, regardless of their bank or building society, is planned from early March.

Barclays stressed that the system is secure, and said that if a customer's mobile phone is stolen, thieves would not be able to send money without the five-digit PIN, Mail Online notes.

Users will also be able to disable the app if their phone is lost or stolen.