April 25, 2015
In the ever-evolving payments landscape, it’s imperative for banks to offer services that cater to the changing channels of interaction, especially social media, even in the realm of payments. Little by little, banks are opening their doors to new online payments via Facebook and Twitter. Here are some examples of such banks:
ICICI Bank (India):
India’s ICICI Bank’s new service called icicibankpay allows customers to transfer money using Twitter. Customers can follow the bank’s Twitter account to register their mobile phone with the bank and then send @icicibank a direct message with the recipient’s user name and the amount to be transferred. The recipient does not need to be an ICICI Bank customer.
Banque Populaire Caisse d'Epargne (France):
Last year French bank Banque Populaire Caisse d'Epargne (BPCE) teamed up with Twitter, letting its customers tweet money to each other. Through this service everyone with a bank card and a Twitter account in France can use the P2P payment service through BPCE's S-Money unit.
Kotak Mahindra Bank (India):
In October 2014, Kotak announced the launch of KayPay which allows the transfer of money through Facebook. KayPay offers a safe and secure platform to transact on the social networking site through two-level authentication – Facebook user id & password and a One Time Password (OTP). Further, both sender and receiver immediately receive notifications via SMS and on Facebook about the transfer.
Barclays Bank (UK):
Barclays is the first British bank to allow people to pay each other and small businesses using their Twitter handles. The bank launched this service on both Android phones and iOS devices on March 10, 2015. Twitter payments through Pingit will expand the existing service to social media and a potential 13.5 million Twitter users in the UK. The service will be available to all Pingit customers whether they are bank customers or not.
Rakuten Bank (Japan):
Rakuten Bank Ltd. announced the launch of Japan’s first money transfer service utilizing social media, called Transfer by Facebook (patent pending). Rakuten decided to launch Transfer by Facebook in order to keep up with the extensive social media proliferation. The new service enables users to transfer money to anyone on their Facebook friends list utilizing the Rakuten Bank App.
Royal Bank of Canada (Canada):
The Royal Bank of Canada, the largest financial institution in the nation, expanded its mobile commerce solutions with the ability to send Interac E-transfers through Facebook. The feature initially launched on the company’s iPad app in Dec. 2013.
ASB Bank (New Zealand):
In 2012, ASB launched P2P payments through Facebook. The ASB app allows customers to pay Facebook friends with just a couple of clicks, regardless of whether their friends are ASB customers or not, provided the sender must be an ASB online customer.
FNB Bank (South Africa):
FNB also launched FNB Facebook banking which allows users to access certain banking services through the world’s biggest social network. Users having a FNB account will be able to access banking through Facebook by linking their Facebook profiles to their cellphone banking profile.
Commonwealth Bank (Australia):
Commonwealth Bank launched gave Australians access to the nation’s first social banking app, with the launch of CommBank Kaching for Facebook. In addition to enabling users to make payments to Facebook friends or anyone with a mobile number or email address, CommBank Kaching for Facebook has a number of payment options. These include the ability to make payments to Facebook Events, and gift payments to friends and family on Facebook for special occasions such as birthdays.