The RBS has announced the launch of an app which will let customers transfer money to their smartphone contacts, with a full roll-out expected after Easter.
The bank stressed its confidence that the app is ‘secure’, and added that it could be used to pay tradesmen.
According to the BBC, the app will work in a similar way to sending a text message, with funds transferred at a similar speed to online banking.
There will be a limit of sending up to £100 a day, with users able to send a payment to anyone with a Visa card by typing in their mobile phone number.