OCBC Bank enables users to transfer money via Facebook, email, SMS

Thursday 15 May 2014 00:51 CET | News

Singapore-based financial services provider Oversea-Chinese Banking Corporation (OCBC) has unveiled a feature for its iOS consumer app dubbed Pay Anyone (PAO), which enables instant money transfer via Facebook, email, or SMS within Singapore.

PAO currently allows a user to send up to USD 100 only. The service is not on a separate, stand-alone app, it is available on the OCBC SG Mobile Banking app upon user update.

In order to use PAO, consumers select the payee from their list of Facebook contacts. Next, they key in a 6-digit passcode. This password is set to remain valid for 24 hours from the time the request is made. Finally, the users make the transfer.

Once payment is done, the recipient would receive a private Facebook post indicating that a transfer has been made to his account. The recipient will then enter the same 6-digit passcode and account details for confirmation of the transaction.

While Pay Anyone removes the need for users to exchange bank account details with one another, senders need to manually communicate the passcode with the receiver. Furthermore, receivers must key in their bank account details every time they get money.

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Keywords: OCBC, bank, Transfer, money, Facebook, email, SMS, Pay Anyone, iOS, app, Singapore, mobile, banking
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce