Banks are allowing customers to transact through Facebook, Whatsapp and Twitter in the age of digital banking by using the power of technology
Last week, a group of friends met for a gettogether. Movie, lunch and desserts and some souvenir shopping were on the agenda. It was a Dutch treat. This time too it was no different except that the money transfer was done electronically, some transferring through Facebook, Whatsapp and Twitter. And no one needed to know the bank accounts of others.
Various banks and other payment services players have their own version of wallets that allow people to send or receive money, pay bills, recharge mobile talk-time and a host of other things through the use of social networking sites.
Kotak Mahindra allows hastag banking using Twitter and can be used to check balance, do mobile & DTH recharge, transaction history, cheque book request. In fact, many more activities are now just a tweet away. All the users have to do is link their twitter handle to their bank accounts and get updates simply by tweeting to @KotakBankLtd . The responses come to them as a DM so only they can view them.
Also, those using the net banking facility of Kotak, can also use “Mail Money Service’. Only the email ID and mobile number of the beneficiary are needed. They can choose to deposit the money in the accounts of their choice. It follows a triple security -through passwords (OTPs) sent to both sender and beneficiary’s mobile numbers and a redemption link sent to beneficiary's email ID. Its Kaypay app allows users to send money to friends from any bank to any bank by using the Facebook id, Google+ id, Email id and mobile number of the recipient. ICICI Bank too has been offering banking services through social networking sites like the Twitter and Facebook.
ICICI has launched Pockets, a digital bank with a mobile first interface. Pockets is a wallet solution. One needs download the app, enter the KYC details, verify the mobile number and create a user ID and password.
The VISA powered wallet allows one to send and receive money, book tickets, gift physical/e-vouchers, pay bills, recharge mobiles and split expenses with friends.
ICICI Bank also offers payments service using Twitter. With this one can pay a friend, recharge prepaid mobile, check account balance and view last three transactions on Twitter. When customers send money to friends using icicibankpay, the senders will receive a 4 digit passcode on their registered mobile number. The communication between Twitter account and ICICI Bank account is carried out through private structured messages and not through public tweets. No financial details are shared on the public domain. The use of social media is only as a communication platform.
HDFC has Chillr, which allows its users to transfer money to anyone in the phonebook contacts. Chillr is a mobile-first multi-bank platform that enables secure and instant digital payments between bank accounts in peer-to-peer, peer-to-merchant & enterprise use cases, according to Sony Joy, co-founder and chief executive officer, Chillr. The fund transfer is between bank accounts. There are no virtual accounts or intermediaries, he says.
According to Joy, multiple credentials are verified to lessen the chances of fraud. Mobile phone plays a key role here in KYC compliance.
“Wearable devices will soon drive the growth in this segment,” he says, adding that it has plans to bring voice-based technology into this realm. There are no charges for HDFC customers. It is in talks with three more banks and is likely to go live in a month. The app is sim and device specific and cannot be opened if these are changed. The credentials have to be reestablished.
Oxigen Services launched wallet services on Facebook and Twitter in August last year. It has been seeing a significant increase in the number of transactions, according to Ankur Saxena, chief executive officer. About 2,00,000 users send money using these social networking channels. “We act as an intermediary and the security aspects are taken care of,” he said. Money can be sent anyone with an Oxigen wallet or not.
The transactions on social networking sites are as safe as any other channel. Here, the social networking channels are used only for communication. The mobile phone number, email id, twitter hands, contacts are used as KYC tools.
The OTP adds another level of security. While no additional security measures are needed, one has to guard his social networking credentials. Transactions based on mobile are safer as mobile is a personal device and passcodes sent cannot be viewed by others.
From the safety point of view, the damage, if any, with the use of social networking platforms or wallets is limited only to the value stored on the wallet. The chances for this too are greatly reduced as the OTP is sent separately, he said.
Another player, Paytm, too has a wallet. It has three tabs- send, request and add. ‘Send’ is used to send money to others using their mobile number or email id. ‘Request’ is used to ask money from others. Again only the mobile number or e-mail id is used. The transactions list is visible and these can be backed up or shared with others to keep a record.
Resource : http://www.mydigitalfc.com/banking/using-social-media-carry-out-transactions-324
Last week, a group of friends met for a gettogether. Movie, lunch and desserts and some souvenir shopping were on the agenda. It was a Dutch treat. This time too it was no different except that the money transfer was done electronically, some transferring through Facebook, Whatsapp and Twitter. And no one needed to know the bank accounts of others.
Various banks and other payment services players have their own version of wallets that allow people to send or receive money, pay bills, recharge mobile talk-time and a host of other things through the use of social networking sites.
Kotak Mahindra allows hastag banking using Twitter and can be used to check balance, do mobile & DTH recharge, transaction history, cheque book request. In fact, many more activities are now just a tweet away. All the users have to do is link their twitter handle to their bank accounts and get updates simply by tweeting to @KotakBankLtd . The responses come to them as a DM so only they can view them.
Also, those using the net banking facility of Kotak, can also use “Mail Money Service’. Only the email ID and mobile number of the beneficiary are needed. They can choose to deposit the money in the accounts of their choice. It follows a triple security -through passwords (OTPs) sent to both sender and beneficiary’s mobile numbers and a redemption link sent to beneficiary's email ID. Its Kaypay app allows users to send money to friends from any bank to any bank by using the Facebook id, Google+ id, Email id and mobile number of the recipient. ICICI Bank too has been offering banking services through social networking sites like the Twitter and Facebook.
ICICI has launched Pockets, a digital bank with a mobile first interface. Pockets is a wallet solution. One needs download the app, enter the KYC details, verify the mobile number and create a user ID and password.
The VISA powered wallet allows one to send and receive money, book tickets, gift physical/e-vouchers, pay bills, recharge mobiles and split expenses with friends.
ICICI Bank also offers payments service using Twitter. With this one can pay a friend, recharge prepaid mobile, check account balance and view last three transactions on Twitter. When customers send money to friends using icicibankpay, the senders will receive a 4 digit passcode on their registered mobile number. The communication between Twitter account and ICICI Bank account is carried out through private structured messages and not through public tweets. No financial details are shared on the public domain. The use of social media is only as a communication platform.
HDFC has Chillr, which allows its users to transfer money to anyone in the phonebook contacts. Chillr is a mobile-first multi-bank platform that enables secure and instant digital payments between bank accounts in peer-to-peer, peer-to-merchant & enterprise use cases, according to Sony Joy, co-founder and chief executive officer, Chillr. The fund transfer is between bank accounts. There are no virtual accounts or intermediaries, he says.
According to Joy, multiple credentials are verified to lessen the chances of fraud. Mobile phone plays a key role here in KYC compliance.
“Wearable devices will soon drive the growth in this segment,” he says, adding that it has plans to bring voice-based technology into this realm. There are no charges for HDFC customers. It is in talks with three more banks and is likely to go live in a month. The app is sim and device specific and cannot be opened if these are changed. The credentials have to be reestablished.
Oxigen Services launched wallet services on Facebook and Twitter in August last year. It has been seeing a significant increase in the number of transactions, according to Ankur Saxena, chief executive officer. About 2,00,000 users send money using these social networking channels. “We act as an intermediary and the security aspects are taken care of,” he said. Money can be sent anyone with an Oxigen wallet or not.
The transactions on social networking sites are as safe as any other channel. Here, the social networking channels are used only for communication. The mobile phone number, email id, twitter hands, contacts are used as KYC tools.
The OTP adds another level of security. While no additional security measures are needed, one has to guard his social networking credentials. Transactions based on mobile are safer as mobile is a personal device and passcodes sent cannot be viewed by others.
From the safety point of view, the damage, if any, with the use of social networking platforms or wallets is limited only to the value stored on the wallet. The chances for this too are greatly reduced as the OTP is sent separately, he said.
Another player, Paytm, too has a wallet. It has three tabs- send, request and add. ‘Send’ is used to send money to others using their mobile number or email id. ‘Request’ is used to ask money from others. Again only the mobile number or e-mail id is used. The transactions list is visible and these can be backed up or shared with others to keep a record.
Resource : http://www.mydigitalfc.com/banking/using-social-media-carry-out-transactions-324
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