RBS launches money transfer app - Banking - News - Moneyfacts


Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

RBS launches money transfer app

RBS launches money transfer app

Category: Banking

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

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 It is now over 6 months old so the content may be out of date.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.

What next?

Find out how to choose the best bank account by reading our guides to help you open and manage your bank account

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Debit card spending still leads the way

Many of us turn to plastic at the tills these days, particularly as contactless technology makes it easier than ever before. It’s little wonder that card spending continues to ramp up – and it’s debit card spending that’s leading the way.

Current account switching to be made even easier

It was announced today that the Current Account Switch Service (CASS) will be undergoing improvements that are to be implemented in a year’s time. This should help give more customers and businesses the confidence to switch to a better bank account.

A quarter of all card payments now contactless

The rise of contactless payments shows no signs of stopping, with new milestones being hit on a seemingly monthly basis. Well, another one has arrived, with new data showing that a quarter of all card payments are now made via contactless means.