A new app from Barclays allows account holders to easily send money by using the mobile number of the recipient.

The Barclays Pingit app, which is available for iOS, Android and BlackBerry users on launch, allows you to transfer cash without requiring the traditional account number and sort code. It's like Paypal through, only without the middle man as it's bank-to-bank.

The app can provide an easier solution than throwing down eight credit cards to split a restaurant bill or to pay back a friend who shouted you a gig ticket through his account.

Only Barclays customers can send money at the moment, but users of other banks can still receive cash payments of between £1 and £300 per day. Barclays says it will open up the send option to other banks by March.

Barclays says it has worked hard on ensuring the app is secure through a watertight registration process, and will allow users to remote wipe all traces of the app from their smartphone if it's lost or stolen. You'll also need a five digit pin to access the application.