ING takes from app to transfer money without a bank account

Jan

13

2016

ING TWYP, an app for the transfer of money using the contact list of the phone, is now released in the Netherlands. Through the application it is possible to transfer money without a bank account.

TWYP TWYP, or ‘The way you pay “is an ING initiative to simplify the transfer of money. TWYP is based on the use of the contact list in a smartphone. This makes it possible to transfer money without the use of bank account numbers. This is because the app actually a stopover for the money. To use TWYP because people need to create an account. On this account can then be placed money via PayPal and credit card. It can then be transferred money based on the contact list from the TWYP account to others in the list of contacts that also use the app.

The app also includes the ability to send messages to other users. TWYP was already introduced in December in Spain and have been augmented to the Netherlands. The money that puts a user on his TWYP account or that he has received from others, is to move back to a bank account. For this, the Iban-data should be added to the TWYP account. In terms of the application state that ING may use the data on users for commercial purposes. However, it is possible to refuse offers based on that data by making use of the logout link in a commercial e-mails.

The name TWYP is not completely new. ING has already once in 2000 another pay service started under the name “The way you pay.” When it came to an online payment system that could be implemented by shops. The new application seems to only take the name from the earlier initiative.

In October 2015 the app was already available as part of a pilot project. With the addition of the application iDeal ING is now ready to offer TWYP widely. The app is available for free in the App Store and Google Play. Customers of all banks can make use of it.

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