Barclays is recruiting companies to pay customers through service
Barclays has today announced plans to pay insurance claims, dividends and refunds using the smartphone app Pingit.
Pingit has previously been used for payments from a company to a customer or person-to-person, but now Barclays is recruiting companies to pay customers through the service.
It plans to take market share from cheques as the bank estimates a typical cheque payment takes five days to reach a customer’s account and can cost the paying firm between 80p and £8, City AM reports.
The smartphone service will be used by firms that pay customers but do not usually hold the account numbers, sort codes or credit card details.