Worldwide mobile remittances launched by Barclays and Commonwealth Bank

8 September 2016

Consumers of largest banks Barclays and the Commonwealth Bank of Australia are going to have a capability to make mobile transactions on their smartphones or other gadgets and send payments across the globe using their devices. Mobile payments applications of Barclays known as Pingit is now linked with the Australian bank’s application CommBank.

Mobile users are now able to make remittances bypassing any need to provide their bank account information. The partnership comes in a move to increase the presence of both financial institutions in the mobile money transfer services.

At the moment Barclays’ application has allegedly 3 million subscribers with accessibility provided for non-consumers of Barclays too. While the service is designated for making money transfers to other countries, it is a cross-border transfer with the option of the two way remittances.

Barclays has its presence in more than fifty countries around the world with about 48 million customers. Total assets of the company as of the last year accounted for 1.120 trillion pounds.

Earlier in August the company unveiled its new biometric authentication system for mobile devices to mitigate phishing and identity theft.

Commonwealth Bank is a multinational financial institution spread across the Asia Pacific region with the presence in the UK. It is considered to be the largest bank in the Southern Hemisphere.

Blockchain techs
Mastercard may launch a payment system for fast cryptocurrency transactions
Banking techs
Korea digitizes mortgage and loan documents on a blockchain platform
Articles
Writing a White Paper for an ICO: expert recommendations
Show more posts...