11 December 2016
Visit aciworldwide.com

Singapore's OCBC lets customers send money to Facebook friends

12 May 2014  |  9034 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  |  9819 views  |  2 comments | 12 tweets | 14 linkedin
CaixaBank launches Facebook app

CaixaBank launches Facebook app

06 May 2014  |  10612 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  |  10183 views  |  0 comments | 16 tweets | 8 linkedin
OCBC launches Gen Y bank

OCBC launches Gen Y bank

31 May 2011  |  13214 views  |  1 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit VocaLink.comVisit capgemini.comVisit aciworldwide.com

Top topics

Most viewed Most shared
China tops world fintech rankingsChina tops world fintech rankings
8988 views comments | 39 tweets | 32 linkedin
EBA bends under weight of PSD2 mandatesEBA bends under weight of PSD2 mandates
8416 views comments | 37 tweets | 48 linkedin
Guesswork alone can crack Visa card security - Newcastle UniversityGuesswork alone can crack Visa card securi...
8105 views 12 comments | 15 tweets | 27 linkedin
PSD2 will transform the payments landscapePSD2 will transform the payments landscape
7396 views comments | 24 tweets | 13 linkedin
Fed Governor sounds warning on alternative credit scoring dataFed Governor sounds warning on alternative...
6949 views comments | 20 tweets | 24 linkedin

Featured job

to Six-Figure Base, Commission, Benefits
London, UK

Find your next job