Barclays to shut Pingit after 10 years’ service

Barclays to shut Pingit after 10 years’ service

Replace 13/04/21: Barclays has now confirmed in an electronic mail to clients that Pingit will shut down on 30 June. After that date customers can be unable to ship or obtain funds. Money saved within the app can be moved to linked financial institution accounts. Any current customers of Pingit wearables can be refunded for his or her .

Barclays is sunsetting its long-serving funds app Pingit, telling employees the mission has “run its course”.

Barclays stated the app was beneath “evaluation”

In accordance with Sifted sources, Barclays introduced the closure earlier this month. A spokesperson from the financial institution stated the app was “beneath evaluation”.

In the interim, customers will nonetheless have the ability to handle their cash, however can be contacted by the financial institution in the end.

Pingit, launched in 2012, managed to accrue greater than 1.2 million downloads in its first yr of operations.

It permits clients from a spread of banks to switch their cash into an account within the UK. Sifted sources point out the app had didn’t capitalise on its early innovation.

Others claimed the app’s growth moved at a “glacial tempo”, and that it missed an opportunity to grow to be a UK model of ING’s profitable spin-off Yolt.

The final replace to the Pingit service occurred in August 2019, when the financial institution launched an adjunct store on the platform.

Pingit joins a slew of different bank-sponsored digital ventures heading to the scrap heap. These embrace JP Morgan’s Finn, RBS’ Bó.

Associated: Barclays will get 198 purposes for Black founder tech accelerator

Leave a Reply

Your email address will not be published. Required fields are marked *