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Barclays mobile payment app Pingit offered as payment option by First Bus.

M2 EQUITYBITES-November 19, 2014-Barclays mobile payment app Pingit offered as payment option by First Bus

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Financial services provider Barclays revealed on Wednesday that its mobile payment app Pingit is now being offered as a payment option by UK bus operator First Bus, following the roll out of Mobile Ticketing across the bus company's operations.

First Bus is said to be the first UK public transport company to offer Pingit. The payment app is not restricted to Barclays customers and is available as a simple, safe, secure and fast process for all mobile phone users with a UK current bank account. Also, Barclays does not charge a transaction fee for payments.

Following the launch of the UK's first person to person mobile payment app in 2012, Pingit has been downloaded over 3.5 million times to date. The total amount sent using the service has reached GBP775m, with over 48,000 businesses having registered to use the service.

Barclays added that the Pingit share of mTicketing transactions is already approaching 7%, with over half of these payments being made by bus users over the age of 25.

According to Barclays, First Bus mTicketing customers can download the 'First Bus Mobile Tickets app' for free on App Store and Google Play. After registration, the customer can select their ticket and navigate the secure payment system. On completion of the payment, the bus tickets are kept in a virtual wallet. The ticket can then be activated when required and shown to the bus driver on their mobile phone screen. The app allows repeat users to simply select the required tickets and confirm the security code on their debit/credit card.

Managing director of First Bus, Giles Fearnley, commented: "I'm delighted we are the first nationwide public transport operator to partner with Barclays' ground-breaking Pingit mobile payments service. This partnership puts First at the forefront of bus ticketing technology and reflects our commitment to grasp ever more innovative ways to make bus travel better, easier and more convenient."

He added: "Mobile Ticketing at First Bus has been an unqualified success. Sales are well ahead of our projections and growing strongly. Customers are welcoming the extra convenience that it offers, not having to worry about losing bus tickets and passes or having the correct change. Exceptional progress has been made by our teams in bringing this product to market and it's not only helping us attract new customers, but is also encouraging infrequent customers to get on board the bus more often."

Director of Mobile Banking and Pingit at Barclays,Darren Foulds, stated: "This partnership is another example of how mobile payments are being integrated across different industries, and shows the great potential for mobile payments as services like Pingit gain more widespread use."

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Publication:M2 EquityBites (EQB)
Geographic Code:4EUUK
Date:Nov 19, 2014
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