Pay your debts by mobile phone

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Barclays Bank has launched what it says is Europe’s first service to transfer money from one person to another, using mobile phones.

Barclays Pingit lets people transfer money free of charge to anyone with a UK current account and UK mobile phone number, without needing to share bank details.

The Pingit app is available for the Apple, Android and Blackberry operating systems and is protected by a five-digit passcode that is set by the user, making it as safe as any other banking transaction.