This New Service Helps Banks Take Payments Via Social Media Platforms
Katherine Pendrill — August 7, 2015 — Tech
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.
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.
Trend Themes
1. Social Media Payment Systems - Fastacash enables banks to accept financial payments via social media, disrupting the traditional banking system.
2. Online Banking Innovation - Fastacash aims to socialize banking services by allowing customers to carry out financial transactions on popular social media platforms.
3. Digital Payment Solutions - Fastacash helps financial institutions improve their services by enabling users to send and receive payments through social media, revolutionizing the way payments are made.
Industry Implications
1. Banking and Finance - Fastacash introduces disruptive innovation by allowing banks to leverage social media platforms for accepting financial payments.
2. Social Media and Technology - Fastacash integrates online banking with popular social media platforms, creating new opportunities for social media companies to expand their reach.
3. Digital Payments and Fintech - Fastacash revolutionizes the digital payment landscape by enabling users to carry out transactions via social media, opening up new avenues for fintech companies.
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