Barclays to close Pingit after 10 years’ service – FinTech Futures

Update 13/04/21: Barclays has now confirmed in an email to customers that Pingit will shut down on 30 June. After that date users will be unable to send or receive payments. Cash stored in the app will be moved to linked bank accounts. Any existing users of Pingit wearables will be refunded for their hardware.

Barclays is sunsetting its long-serving payments app Pingit, telling staff the project has “run its course”.

Barclays said the app was under “review”

According to Sifted sources, Barclays announced the closure earlier this month. A spokesperson from the bank said the app was “under review”.

For the time being, users will still be able to manage their money, but will be contacted by the bank in due course.

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

It allows customers from a range of banks to transfer their money into an account in the UK. Sifted sources indicate the app had failed to capitalise on its early innovation.

Others claimed the app’s development moved at a “glacial pace”, and that it missed a chance to become a UK version of ING’s successful spin-off Yolt.

The last update to the Pingit service occurred in August 2019, when the bank launched an accessory shop on the platform.

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

Related: Barclays gets 198 applications for Black founder tech accelerator

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