Barclays is all set to shut down its P2P payment app, Pingit on June 30, 2021. The related services that include Pingit savings ‘jars’ and its wearable tech which allows users to make contactless payments will be scrapped.
Barclays announced in February that it would be shutting down Pingit, but no exact date was given at that time.
Launched in February 2012, Pingit was initially available to Barclays Bank’s current account holders, aged 18 and up. Barclays extended this service to all UK current account holders and has lowered the minimum age requirement to 16 years old. The app still didn’t gain much popularity and Barclays was failing to capitalize on its early innovation.
Its last big push was in 2019 when it decided to move its BPay wearable brand to Pingit. It introduced a variety of new features to keep up with the challenging market and give the tech giants and fintech startups tough competition.
However, the app failed and it’s now joining a slew of other bank-sponsored digital ventures heading to the scrap heap which includes JP Morgan’s Finn and RBS’ Bo.
All Pingit accounts will be automatically closed on 30th June 2021. If you have Pingit’s savings jars here’s what you should know;
If your account details have changed, you can update them or you will be provided with a cheque. If your account linked to Pingit has changed and the total funds in your jars combine to be £50 ($70.41) or less, you need to fill up an online form to get advice on your new account details.
Any top-up payments in your savings jars will be canceled from 30th June and you may want to cancel these top-ups earlier to avoid any unnecessary charges.
Pingit is shutting down but assures a refund
Pingit offers automatic refunds on most of the ‘active’ devices regardless of where they have been purchased. You will still be able to access your account until 30th June. You will receive the full cost you paid, plus any postage you paid. The refunds will be directly processed to the Pingit jar your device is linked to, so don’t close your Pingit yet.
For the time being, users can still manage their money but will be contacted by the bank in due course. The customers can transfer their money into an account from a range of banks in the UK. Sifted sources indicate the app failed to capitalize 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.
Pingit has closed new sign-ups and all the services will shut for existing Barclays and non-Barclays customers at 11:59 P.M. on 30 June. All Pingit customers (including non-Barclays account holders) will be alerted by SMS, email, and post.
Refunds will be processed to the person who activated the device and not necessarily the one who bought the device. Devices don't need to be returned to get a refund.
Barclays said those who have purchased the devices in the Pingit eStore, should contact the app-support@barclays.com, and for devices purchased elsewhere should contact the retailer. Barclays offers refunds on a case-by-case basis for store purchases, while for others made elsewhere, it's at the retailer's discretion.
Should you want to close your account before 30 June, and will no longer wait for a refund for a Pingit device, you need to access the Pingit app. Just log in, select the person icon (top left), then settings icon (top right), and then 'Cancel Pingit Registration'. Make sure you transfer your funds beforehand.
For Pingit payments, which use Pingit and Barclays' databases of mobile telephone numbers, customers can register for the separate Paym service to make and receive payments using mobile numbers in the wider Paym database. Paym customers with nine out of 10 banks or building societies can use the service to send payments using just someone's mobile phone number.
If you want to continue making mobile payments, you can use Paym instead. The Paym is available within the Barclays app. If you were a non-Barclays Pingit customer, you'll need to separately register with Paym to use it.
Barclays has not indicated if Pingit will be replaced with a new P2P payment service anytime soon.