01 March 2017
Visit dh.com

Singapore's OCBC lets customers send money to Facebook friends

12 May 2014  |  9150 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.
KeywordsSOCIAL MEDIA

Comments: (1)

A Finextra member
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.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Singapore taps VocaLink for faster payments

Singapore taps VocaLink for faster payments

08 May 2014  |  10147 views  |  2 comments | 12 tweets | 14 linkedin
CaixaBank launches Facebook app

CaixaBank launches Facebook app

06 May 2014  |  10760 views  |  4 comments | 18 tweets | 12 linkedin
ICICI Bank lets customers send money via Facebook app

ICICI Bank lets customers send money via Facebook app

24 September 2013  |  10268 views  |  0 comments | 16 tweets | 8 linkedin
OCBC launches Gen Y bank

OCBC launches Gen Y bank

31 May 2011  |  13279 views  |  1 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit dh.com visit dh.com

Top topics

Most viewed Most shared
Starling releases Open API, talks up marketplace modelStarling releases Open API, talks up marke...
8728 views comments | 19 tweets | 18 linkedin
Barclaycard strikes new wearable deals for contactless jewellery and watchesBarclaycard strikes new wearable deals for...
7957 views comments | 17 tweets | 15 linkedin
In wake of Cloudflare bug, Starling advises customers to change passwordsIn wake of Cloudflare bug, Starling advise...
7340 views comments | 7 tweets | 12 linkedin
Bank of America first to launch Zelle P2P paymentsBank of America first to launch Zelle P2P...
7181 views comments | 12 tweets | 10 linkedin
Kaspersky records uptick in financial phishing and banking malwareKaspersky records uptick in financial phis...
6787 views comments | 6 tweets | 8 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job