Barclays has unveiled the country's first person to person service for sending and receiving money using only mobile phones.
The service, which is available to customers of all major financial institutions in the UK (banks and building societies) is free to use and doesn't require bank details to be exchanged.
The only prerequisite is that either user need to be older than 16 years old, have a UK mobile phone number and a UK current account to reduce the risk of fraud.
The app is currently available on Android, Blackberry and Apple mobile platforms and one would expect that it will land on Windows Phone sooner rather than later. You can download it from this Barclays page.
Interestingly, the service doesn't require you to be a customer of Barclays. Non-Barclays customers will have to register and set up a Barclays Pingit wallet account to send money.
They can then top up the account by paying cash at a Barclays branch and transferring money from an exiting current account or using any UK Barclays ATM.
There's a daily outgoing limit of £300 and an incoming daily limit of £5000. Barclays said that more than 400,000 downloads had been logged during the first eight weeks after its launch.