An app called Pingit, created by Barclays bank, has been used to pay the £23,000 deposit on a south London home sold at auction. It's thought to be the first property transaction of its kind in the UK.
Pingit, which launched in 2012 and can be downloaded from the Apple app store, allows users aged 18 or above to receive and send money free of charge.
Transfers can be to anyone with a UK current account (in all mainstream banks, not just Barclays) so long as they have a UK-registered mobile phone number.
The funds are transferred instantaneously and the sender does not need to know the recipient's bank details - just his or her mobile phone number.
Savills and Barclays worked together to modify the app so it could scan a Savills QR code which then displays the full transaction details; the buyer needs only to click on the 'OK' option for the funds to be transferred.
If only there was a similar app to make conveyancing work that quickly...
Comments
Come on EAT where have you been, this app has been in use for nearly 2 years now and is used by tens of 1000's of people a day to transfer funds for all sorts of things... can you please do your best to get some decent stories on here, it really has gone down hill badly over the last couple of months