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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