New bank app lets you transfer money by mobile

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A High Street bank has launched a service that allows people for the first time to transfer money simply by using the mobile phone.

Barclays has developed the app, called "Pingit", as a free service for its customers to make payments, though customers with other banks will be able to receive payments.

Following approval by the UK Payments Council, the technique may be picked up by more banks.

Antony Jenkins from Barclays discussed the product with Rory Cellan-Jones.

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