http://www.todayonline.com/singapore/send-money-facebook?singlepage=true
Facebook friends can now send each other modest sums of money without knowing the recipient’s bank account details via a service launched yesterday by OCBC, as the lender seeks to set itself apart by targeting tech-savvy consumers in a rapidly growing mobile banking market.
Dubbed OCBC Pay Anyone, the service on its mobile banking app allows payments of up to S$100 a day to any bank account in Singapore as long as the sender has the recipient’s email address or mobile number, or if the recipient is a Facebook friend.
OCBC, which claims to be the first bank here to tap on social networking giant Facebook in facilitating funds transfers, said its customers can send money to accounts at all 14 banks on the new electronic interbank service Fast and Secure Transfers (FAST). FAST allows transfers to be made almost instantly between different banks, unlike through Giro or cheques, which may take a few days.
The service works this way: The sender has to log in to his OCBC mobile app, which will allow him to choose the recipient via any of the three methods of payments. He then generates his own passcode for the recipient, and will also have to input a one-time password received from a text or his banking token.
The recipient can activate the payment process by accessing a unique link sent through Facebook, email or mobile number, keying in the passcode from the sender and bank account details on a secure OCBC site.
Singapore’s largest bank, DBS, told TODAY it will be launching a new mobile payment service by the end of the month.
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