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According to This is Money, many banks are looking to launch mobile phone money transfer systems in the near future, which could radically change many customers' approach to banking.

This follows the introduction of Barclays' Pingit pay-by-mobile service last week, which allows smartphone users to make payments from their bank account by entering the recipient's phone number.

Many people believe that this kind of mobile payments service is set to become the industry standard, with many banks looking to capitalise on the convenience and speed it could offer to customers when managing their money.

The Pingit app is free to download to smartphones, such as an iPhone or Blackberry. Once the app has been successfully downloaded, making a payment requires only the recipient's mobile phone number - and Pingit can only be accessed by a five-digit PIN.

Currently, payments using the service are capped at ยฃ300 per day.

The launch of the system is just the latest in a number of moves 'revolutionising' banking for the digital age: from contactless payments to 'digital wallets'. Indeed, figures from the British Bankers' Association (BBA) revealed that the number of people registered for internet banking jumped by almost 50% between 2006 and 2010.

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