Barclays has launched Pingit, an SMS service that lets you send and receive funds for free to anyone with a UK current account and UK mobile.
The app connects each user's bank account with their phone number, and allows money transfer between two phone numbers without needing to share bank details.
To send money, you'll have to use the app, available to Android, BlackBerry and iOS, but recipients simply need to register online to receive money on their mobile, no matter what it is.
According to Barclays, the transfer is as safe as any other banking transaction, with the app protected by a five-digit password chosen by its user.
Barclays Retail and Business Banking chief executive Antony Jenkins said: 'For friends splitting the cost of dinner, repaying a borrowed £10 or people sending money to a son or daughter at university, you can send and receive money in seconds, without having to enter account details."
Barclays Pingit is available now, free from the Apple App Store, BlackBerry App World and the Android Market. At launch, only Barclays current accounts will be eligible, but by early March, an update to the app will let non-Barclays customers register too.