This New Service Helps Banks Take Payments Via Social Media Platforms

By: Katherine Pendrill - Aug 7, 2015
References: fastacash & springwise
'Fastacash' is a new social media payment system that allows banks to accept financial payments via different online platforms. As consumers increasingly opt for online banking, many financial institutions are looking for innovative ways of socializing their payment services. Fastcash helps banks serve a greater number of customers by allowing them to carry out transactions via social media.

The Singapore-based company helps banks and other financial institutions improve their services by enabling users to send and receive payments via social media. The system operates through the use of auto-generated sender codes that help users confirm the identity of the recipient. The goal is to socialize banking services by allowing customers to carry out financial transactions via their favorite social media platforms.

While Fastacash is currently testing out its services on a limited scale, the goal is to eventually incorporate online banking into popular social media platforms such as Twitter, Facebook Messenger and Whatsapp.