Mobile Payments through Twitter Inc (TWTR) Will Be Allowed By Barclays (BCS)

Twitter Inc (NYSE:TWTR) users will now be able to send and receive payment through Barclays PLC (ADR) (NYSE:BCS)’s mobile payment app dubbed Pingit. The use of Twitter for money payments means that a person can send you money even when they do not know your bank account details. However, both the sender and the receiver of the payment must have a U.K. bank account. Pingit has been around for some years and primarily supported mobile phone payments.

To send money to someone whose bank details you don’t have, all you will need to do is know their Twitter name and use the same to transfer money. However, the payer and the payee should have their Twitter names registered with Pingit. The service does not attract any transaction fees and can be used even by those who are not a Barclays customer as long as they have a U.K. bank account and phone number.

Available on Android and iOS

Barclays will be able to start rolling out Pingit for Twitter Inc (NYSE:TWTR) users on March 10. The service will be available on Google Inc (NASDAQ:GOOGL)’s Android and Apple Inc. (NASDAQ:AAPL)’s iOS mobile platforms. The bank uses your phone number as the main identifier in facilitating the Twitter payments.

Pingit allows the transfer of funds to individuals and small businesses, such as a restaurant. With the integration of elements of Twitter Inc (NYSE:TWTR), users will enjoy a convenient way to make and receive payments without struggling to remember bank account details of the receiving party.

SMS notification

Receipt of payment on Pingit is announced through a mobile text message. If you send payment through Twitter to a person who does not already have his Twitter handled registered with Pingit, they will still receive SMS notification of the payment. However, the money will stay where it is until they registered with the app.

Barclays is not the only bank to use elements of Twitter Inc (NYSE:TWTR) to facilitate funds transfers. Other banks such as Groupe BPCE of France and ICICI of India have launched mobile payment services that allow the use of a Twitter handle to facilitate transfers.

The acceptance of Twitter Inc (NYSE:TWTR) as a payment platform by banks could help the microblogging site to attract more users. Twitter’s new user acquisition has slowed down in recent months, raising investor concern about the company’s stagnation.

Recently, Twitter teamed up with Google for content indexing in what could help it to monetize its millions of unregistered users.

Neha Gupta

Neha Gupta has been in the financial space for over six years now. Gupta earned her MBA degree from Symbiosis Centre of Distance Learning in 2009 and her passion for finance led her to pursue Chartered Financial Analyst (CFA) course. She has successfully completed Level II of her CFA. She is a veteran in article writing, which is depicted in her numerous pieces published on SeekingAlpha, Nextiphonenews, InsiderMonkey, MarketWatch, and Techinsider. Her crisp and eloquent writing finds its best place in Researchcows, where emphasis is given on developing rich content for various websites, products, business plans, trainings, and book writing.

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