Banks are rushing to follow in the footsteps of Barclays and introduce new mobile phone money transfer services, it has been claimed.
This is Money claimed the bank "wrong-footed the industry" by introducing a solution that enables users to move funds by linking their phone number to their account details.
Some 20,000 people signed up to the new Pingit service within two days and the app is free to download to any smartphone.
According to the news provider, Royal Bank of Scotland and Lloyds Banking Group are now looking at launching similar products.
"There is nothing we can do to stop our customers signing up to the service," a source at a rival bank stated.
A spokesman for HSBC said although the financial firm has no plans to launch a Pingit rival, the technology is a "step forward for the banking industry".
Launching the service last week, chief executive of Barclays Retail and Business Banking Antony Jenkins said it will revolutionise the way people bank using their phones.