Competitor Profile: Pingit

2019-11-07
Price :
Published : Nov-2019
No. of Pages : 17

Competitor Profile: Pingit

Summary

Pingit was the UK’s first instant mobile payments app, introduced by Barclays in 2012. Initially launched as a peer-to-peer (P2P) payment service between individuals, it was extended for merchants, allowing them to accept payments for online and offline purchases. The service was initially only offered 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 the Apple App Store or Google Play Store.

The solution enables users to make real-time P2P transfers from their mobile phones using the recipient’s mobile number. 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. Pingit also allows users to send funds to individuals who are not registered with the service; 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.

The solution also allows in-store payments, enabling customers to transfer money to an offline merchant using its mobile number, Twitter handle, or short code (a unique merchant code). Users can also pay merchants by scanning QR codes available at partner merchant stores with the Pingit app. In addition, customers can use Pingit to make online payments on merchants’ mobile websites or apps.

The report provides information and insights into alternative payment solution Pingit including –
– Detailed insight into its business
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– Information on its revenue model
– The company’s important events and milestones

Scope

– In February 2012, Pingit was launched by Barclays and was initially available for use only by Barclays current account holders.
– Pingit is a mobile payment service launched by Barclays, allowing users to send and receive money using just a mobile phone number.
– Pingit allows users to make online payments at merchants’ mobile websites and apps.
– In August 2019, Pingit launched a dedicated e-store for users to buy multiple wearable payment devices.

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.

Filed in: Banking & Finance
Publisher : GlobalData
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