Will mobile money based financial payments revolutionise the money transfer market?

Only a matter of days after Barclays launched is innovative “Pingit” app, which enables user to send and receive money using a mobile phone, O2 are in the process of launching a rival mobile money transfer app.

In the same way as Pingit operates, O2’s app will link the users mobile number to their bank account, enabling them to transfer money without having to share any bank details such as sort codes and account numbers, simply by sending a text. 

O2 who are owned by Spanish broadband and telecommunications provider Telefonica are currently getting its staff to trial the app and are planning to make it available to customers within the next three months.

O2 The app will differ from Barclays as it will be available to everyone, whichever UK bank they are with, as opposed to Pingit that is currently only available to Barclays customers.

The rival app is likely to be met with the same measure of uncertainty, or potentially more seeing as it is a mobile operator and not a bank, as Pingit, which some Barclays customers received sceptically as they were concerned about the security of sending money through the service.

Some forecasters are expecting mobile financial payments to account for 20% of all e-commerce transactions made in 2012. Whether or not this will be an accurate figure is uncertain, but one thing that seems inevitable is that with mobile payments technologies such as Pingit, Google Wallet and O2’s new app, is that mobile money transfer and payment services are likely to become influential players in the money transfer market.  

At Xendpay we are positive that the popularity and the influence of these services will increase, as now over 11% of our visitors are tablet and smartphone users, such as IPhones, IPads and Android and Blackberry users. 

We believe that in a world that is persistently seeking technologies that simplify and enhance the day to day activities of individuals that these kind of mobile payments technologies will undoubtedly experience success and expansion.

To find out more about mobile payment technologies take a look at the following link. Mobile money transfers.

If you need to make an overseas payment, register with Xendpay and save money.