Barclays extends mobile payments to retailers with Buyit

Barclays extends mobile payments to retailers with Buyit

Barclays customers will soon be able to use their Pingit mobile payments app to make purchases by scanning QR codes on adverts, the bank's managing director of cash management, Richard Martin, has told Finextra.

Built on the Faster Payments rails, the Pingit app, which lets users make immediate person-to-person payments using just mobile phone numbers, has proved hugely popular.

Barclays is now planning to tap into its commerce potential with a new feature, coming "shortly" and dubbed Buyit, which will allow people to click on a QR code on magazine and billboard adverts to make purchases.

"You can scan that QR code, you can immediately be ordering the goods that pop up automatically pre-populated, your delivery details are sent straight through to the retailer, two days later the goods are delivered," says Martin.

"You don't have to go home and go online to purchase the items later, you can chose to purchase right there and then," he adds.

Martin says that Pingit's built-in QR reader also means that customers can use the app to pay utility bills. Users click on a QR code embedded on the bill, pre-populating their payment and sending it to their provider in "ten seconds", receiving confirmation via text message.

You can watch Martin discuss Buyit, as well as how Faster Payments can be used by the corporate banking sector here:

Comments: (4)

A Finextra member
A Finextra member 20 June, 2013, 08:44Be the first to give this comment the thumbs up 0 likes

Quite a nice idea, but unless there's evidence of real consumer demand for it I can't see this getting any traction within the big players as the cost of interfacing the process to their back end systems will be prohibitive ......... and only for Barclays??

A Finextra member
A Finextra member 21 June, 2013, 09:50Be the first to give this comment the thumbs up 0 likes

This is how we'll shop in the future - connecting the physical and digital worlds...and by NFC-enabling Pingit the consumer experience will vastly improve and provide richer data analysis for both retailers and banks... 

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 21 June, 2013, 11:44Be the first to give this comment the thumbs up 0 likes

This has something in it for the merchant / biller and the consumer. I see it becoming a big hit provided Barclays is able to articulate the value proposition clearly enough for everyone in the value chain to appreciate.

A Finextra member
A Finextra member 28 June, 2013, 11:23Be the first to give this comment the thumbs up 0 likes

Retailers will incent consumers to disintermediate with these types of technologies to reduce their fees to VISA and Matercard.  Hence today's news http://bit.ly/19BwLuF

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