Menu
Business

Now You Can “Facebook” Cash to a Friend?

Singapore’s Oversea-Chinese Banking Corporation (OCBC) and Malaysia’s Commerce International Merchant Bankers Berhad (CIMB) Bank are now allowing customers to more than “like” and “follow” one another on Facebook… you can also send cash.

Facebook

OCBC has a reputation for not only being one of the strongest banks in the world but also for being one of the most innovative. CIMB, while perhaps not as strong, was the ASEAN region’s first banking service on Facebook.

OCBC launched “Pay Anyone” just last month, and the service allows users to wire up to SG$100 (approx. US$80) via a simple phone app through Facebook, email, or SMS. As it stands, the process isn’t exactly as “hassle-free” as hoped/intended. While there is no need to exchange bank details with each other, receivers are required to input their bank account details each and every time in order to receive their cash. Moreover, users need to manually trade the passcode between sender and receiver.

It’s unclear at this point just how popular Pay Anyone (or CIMB’s competing “Octopay”) really are, but CIMB has now decided to extend the platform to Indonesia in the third quarter of this year in an attempt to become the leader of digital banking in the region.

It’s very interesting to see the banks taking steps to defend against the emergence of crypto currencies like Bitcoin and others popping up in the region. Moreover, it’s beautiful to see the free market working its magic and pushing notoriously resistive banks to innovate or die. But the main component of crypto currencies that the banks will never be able to compete with is the anonymity. Although, this, of course, will probably be dealt with within the governments themselves, because if there’s one sure thing in the business/financial world it’s that if the banks want it, they get it!

H/T: Tech in Asia and Jakarta Globe

  • Lee

    So FB trying to be Western Union now? Soon they’ll be operating our brains.