Japans Rakuten Bank launches money transfer service via Facebook

Thursday 7 August 2014 14:23 CET | News

Japan’s Rakuten Bank has launched a service which enables users to send and receive money with Facebook friends but without needing to know the other person’s full account details.

Dubbed Transfer by Facebook, the service enables money to be transferred to anyone on a user’s Facebook friend list who is also signed up to the bank’s app. Users log into their bank account via the bank’s app and select the person they wish to send money to from a list of Facebook friends listed in the app. The sender then inputs the amount to be transferred.

With the Rakuten service, notice of the cash transfer appears only on posts on Facebook that are restricted to sender and recipient. If the recipient doesnt bank with Rakuten, he or she will receive a URL and be asked to designate an account, but then the transfer will go through.

In May 2014, Singapores OCBC Bank launched its Pay Anyone feature, which lets users transfer money via Facebook, email or SMS.

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Keywords: Rakuten Bank, Facebook, money transfer service, account details, bank account
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce