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RBS launches money transfer app

RBS launches money transfer app

Category: Banking

Updated: 14/03/2013
First Published: 14/03/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Royal Bank of Scotland has provisionally introduced a banking app which allows customers to transfer money with their Smartphones to friends and families, simply by entering their mobile phone number.

Payments up to £100 per day can be transferred to contacts holding a Visa card, via iPhones, Android and Blackberries.

Customers will enter a phone number, as if they are sending a text message, enabling the payment to be transferred instantly to other RBS and NatWest customers. Recipients who bank elsewhere will be sent a text message requiring them to accept the payment by entering their account details.

RBS was quick to dismiss concerns that the service was not secure, following NatWest's Get Cash app being targeted by fraudsters last year.

It said it had learnt from the incident and stepped up security as a result. A full launch of the app is expected to take place in early April.

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