- POSTED: 12 May 2014 18:33
- UPDATED: 12 May 2014 23:12
OCBC has launched a new micro-payment service that enables customers to transfer funds using Facebook, mobile and email.
SINGAPORE: OCBC has launched a new micro-payment service that enables customers to transfer funds using Facebook, mobile and email.
OCBC Pay Anyone, a new smartphone-based service, allows payments of up to S$100 to any bank account in Singapore.
All the sender has to do is to select a payee from his contact list on his mobile phone, email or Facebook, key in a password and send payment.
The recipient will need to key in his bank account details and enter the same passcode to complete the transaction.
OCBC says the system adheres to security standards for online banking and fund transfers.
And analysts believe the use of such technology can help banks to retain and attract customers in a competitive environment.
Cyrus Daruwala, managing director of Asia Pacific at IDC Financial Insights, explains: "There's a fight for deposits, term deposits and FX deposits. They've fought their wars, they've claimed their market share, and now what’s next? How do I catch that stickiness with my customer? How do I get you to spend debit, credit, retail, payments, or loans with me? This will stem from your experience with the bank. That's what they're trying to do, that's where the competitive edge is."
Pranav Seth, head of e-business & business transformation at OCBC, says: "Customers are not comfortable carrying transactions with signing tokens everywhere they go; customers do not remember their account numbers. We fundamentally believe that we are solving a real pain point. Our current estimate is that 15 per cent of all funds transfers on mobile will be using this service by the end of one year."