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Barclays opens door to India with Pingit remittances

Senders will just need the recipient's phone number to complete the transaction.

Barclays is enabling Pingit users in the United Kingdom to send remittances to India even if both the send and recipient do not have an account with the bank, according to a press release. 

Senders will just need the recipient's phone number to complete the transaction, according to the announcement. Recipients will then receive a registration notification for the first time, or once registered, an alert to confirm payment has been made.There is a minimum transaction of £25 and a maximum of £1,500 and payments can take up to 48 hours.

The Indian market has the highest volume of remittance from the U.K., worth over £2.5billion, according to the announcement. There are 1.5 million British Indians and 1 million students and visitors who currently live in the U.K., Barclays said in the press release.

"Pingit payments to India is a huge step for the international mobile payments market," Ashok Vaswani, Barclays CEO for personal and corporate banking, said in a statement. "Our goal is that no one is left behind in the current digital revolution, and this launch demonstrates continued innovation by Barclays to meet the needs of U.K. consumers. It also marks an important step for future Pingit development and opportunities internationally."

Barclays Pingit is available to both customers and non-customers and can be used by anyone with a mobile phone number in the U.K. Since launch in February 2012, the free app has over three million downloads and over £600 million has been sent through the service, according go the announcement.