British banking and financial services company Barclays PLC, has launched a mobile payment service between the UK and India, called Barclays Pingit reports The Financial Express. This service will even allow non-Barclays customers to transfer money between the two countries. The send money to India option is active for the Android and iOS apps of Barclays Pingit. The Blackberry app doesn’t mention anything about this development.
According to FE report, in 2013 alone £2.5 billion remittances were sent from the UK to India. Also, this amount supposedly accounts for 7% of total foreign exchange remittances India received in 2013.
Users in the UK can send payments to India simply using a mobile number. Neither the sender nor the recipient need to have a Barclays account. The minimum transaction limit is set at £25, and the maximum transaction limit is £1500. It can take up to 48 hours for the payments to be processed.
Barclays first launched the Pingit app in February 2012. It was initially designed to allow UK current account customers to send and receive cash through their mobile phones.
Remittance services to India
Last year in January, Yes Bank had launched an online remittance solution called Yes Remit, in partnership with Times of Money. The service is available in Gulf Cooperation Council (GCC) member countries, United States and European Union (EU) member countries.
It’s worth noting that Times of Money has its own online remittance services called Remit2India and Remit2Home, and launched a bill payment solution for NRIs to manage their bills in India called BillPay2India in August 2013.
In January 2013, online payment solution provider Avenues India had also launched an online remittance service called Remit Guru with IndusInd Bank. The service is currently available in Eurozone countries, Germany, the UK, Canada, and Singapore.