30 November 2015

Singapore's OCBC lets customers send money to Facebook friends

12 May 2014  |  8324 views  |  1 Facebook

Riding the rails of Singapore's new real-time payments service, OCBC Bank has added a feature to its mobile app that lets users send money to friends via Facebook, e-mail and text message.

To send a payment of up to $100, customers tap the Pay Anyone icon within the OCBC iPhone app, chose whether to send via Facebook, e-mail or mobile phone number and then select the recipient from their contact list.

The sender then picks the account from which they want to take money, enters the amount to send and adds an accompanying message. The recipient's bank account details are not needed.

The sender does have to set a passcode and send it to the recipient, who gets a message - via Facebook, e-mail or SMS - telling them to collect the money.

Funds can be sent to anyone with a bank account at one of the 14 Singapore banks signed up to the national Fast real-time payments system which went live last week.

The platform was built by VocaLink and is based on the UK's Faster Payments service, which is being used by banks for Paym, which lets Brits send money to people using their mobile phone number.

Comments: (1)

A Finextra member | 13 May, 2014, 10:16

It will be interesting to see how this is commercialised as a tool for paying merchants advertising through facebook rather than simply on a peer to peer basis to avoid the complications of card payments, especially for SMEs.

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