OCBC Bank has launched ‘Pay Anyone’, a new feature for its iOS app allowing users to make instant domestic money transfers via Facebook, e-mail or SMS.
The new service enables inter-bank payments without the need for users to exchange their bank account details. Senders just need to enter the recipients’ contact information, such as Facebook profile or mobile number.
However, senders have to manually communicate a pass-code to the recipients, who also need to enter their own bank details in order to complete the transaction.
Customers can send up to SGD100 ($79.97) per payment to recipients from any Singaporean bank.
First of its kind in the country, the service rides on the recently introduced ‘Fast’ (Fast and secure transfer) payments service launched by UK-based VocaLink and which enables almost instantaneous transactions from bank to bank, instead of two to three working days.
Paying via your mobile without the need to exchange account details is already a reality in the UK with Paym, a service delivered by the Payments Council, and Pingit, a payment app from Barclays Bank.
Pay Anyone will be available to Singaporeans on Android from June 2014.