Money and Mobiles

People are already jittery about using the internet for transactions apart from the convenience factor - Could this App pull in more electronic customers?

Some time back I wondered about the use of mobiles for transferring money - Barclays seem to have taken this on now.
The Barclays Pingit system uses a smartphone app to permit person-to-person cash transfers of up to £300.
A BBC article says that "This looks like a big step forwards in the long delayed mobile money revolution. When it comes to turning the phone into a wallet, this country - and much of Europe - is in the slow lane compared to some countries in the developing world."
The Telegraph says that Sean Gilchrist, head of Digital Banking at Barclays,claims the new app features “industry standard encryption”, and can automatically be wiped from a phone if a user tells the bank they have lost their device.