Barclays has launched its new service, Pingit, which is Europe's first money sending service on mobile phone. The bank has said that its 
customers can download the app, which can then be used for transferring money to anyone using a UK bank and UK based mobile phone. The new facility is likely to benefit 11.9 million of Barclays current account holders.
You can use any smartphone running on iOS, Android or Blackberry platform for this app. Barclays are certainly excited about its new initiative as it said, "It is free, quick, convenient, secure, and easy to use. You can send and receive money in seconds without having to enter account details. I’m sure we’ll soon be wondering what we did before it.”
Barclays is planning to use its Faster Payment Service for this purpose, which means that the money can be transferred between accounts in as little as thirty seconds. You need to call the recipient's phone using Pingit app and then enter the amount you want to transfer. Barclays seems to have got head start when it comes to mobile cash transactions. Visa and some other major banks are also working on introducing contactless mobile payment service.