Banks would use Facebook or Twitter IDs to make payments

Banks Facebook

Banks in Singapore are collaborating on a new service that would allow customers to make payments using Facebook IDs or Twitter username. The system will allow electronic transfers between account holders who have registered their social media identities with their banks, allowing users to make payments by selecting the payee’s Facebook ID instead of typing in an account number and sort code. The service will be based on Singapore’s existing internal fund transfer system, known as FAST… Dispensing with the need to know a payee’s bank account details is intended as a step towards making electronic transfers as “frictionless” as cash… The proxy ID system would begin with the use of mobile phone numbers as substitutes for bank accounts.

 

Jeevan Vasagar

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