Cumberland Building Society has rolled out a P2P mobile payments service making it easier to pay money to a friend or family member on a mobile.
The Cumberland, Cumbria’s largest financial institution, has become one of the first current account providers in the UK and the first building society to launch such a mobile payment service.
Peter Temple, operation and HR director at the Cumberland, said: "Sending money to a friend or family member is set to become much easier with Pay2Mobile.
"If you need to share the cost of a taxi, repay that £10 ($16) you borrowed or help out one of your children by sending them some money, you can do so simply, quickly and securely.
"Pay2Mobile is a simple but incredibly useful service and we are delighted to be one of the first account providers in the UK to introduce it."
In order to send money customers will have the chance to download the free Pay2Mobile app, available on iOS and Android and in order to receive them it will be sufficient to register their mobile phone number to their preferred Cumberland current account via Internet banking.
The Pay2Mobile app also includes an innovative feature called ‘Balance Peek’ which allows customers to check the balances on their Cumberland accounts without having to log on to mobile banking.
Bob Hall, Sandstone global CEO said on the launch: "Sandstone and the Cumberland have worked together closely for over seven years deploying digital banking innovations.
"The launch of Pay2Mobile is yet another milestone for the two organisations."
Cumberland Building Society is at the forefront of innovation in mobile payments and is one of six institutions, and the only building society, that will be part of the launch of the Payments Council’s industry-wide mobile payments service in spring this year.
This collaborative project is the first service with the potential to link up every bank account in the country with a mobile number and financial institutions representing around 90% of UK current accounts will work to offer this service.