N26, the digital bank, has introduced MoneyBeam for its UK users, allowing them to send money instantly to fellow N26 users.
For N26 customers, paying people they know just got simpler. Whether needing to share the fare for a taxi or splitting the bill over dinner, the feature allows users to transfer money to someone else’s bank account using just their mobile phone number or email address. N26 research has found that splitting bills can prove contentious, with more than a quarter (27%) of UK adults regularly taking the hit and paying the tab in full just to avoid an argument.
Gone are the days of needing somebody’s full bank details to transfer money. MoneyBeam enables users to send money instantaneously to friends and others by simply dialling up their contact book.
MoneyBeam lets you receive or transfer up to £100 with other N26 users in the UK. You can send as many MoneyBeams as you like up to £500 per day, so it’s easy to make everyday payments big or small, without the time-consuming process of typing card details.
Will Sorby, UK General Manager at N26, said: “Hardly anyone carries cash anymore and sometimes you just really need to ping someone £5 for your lunchtime sandwich, or pay your share of the monthly bills. We want to make that process as easy and simple as possible. With MoneyBeam, our users can bypass the admin and cut straight to their contacts to send money and split bills via the N26 app.”