Singapore’s Fastacash has launched a payment platform that lets users send money via social networks like Whatsapp, Facebook and Twitter.
The sender must register their bank details to get started and can then access the service using a browser or on the Android and iOS apps. The recipient receives a secure link message on the chosen social network, which prompts them to register their bank details in order to receive their cash.
The company is launching the service with a focus on the Kenyan population in the UK who want to send money back to friends or relatives at home. The World Bank says that around $374m (£228m) was sent from the UK to Kenya last year. For every £100 sent, Fastacash charges £1 and the total amount that can be transferred per day is £250.
Like Pingit, the service enables people to send money without having to know the person’s bank details, but this is not a service for the unbanked. Users can send money to any bank account in Kenya, as well as the country's estimated 17m mPesa mobile money users. The sender can also add a personal touch to the transfer, like a photo, audio, video or a written message, as well as viewing their payments in a nice social timeline.
The money is transferred using the company's fastalink patent pending payment tech, which it says is as secure as standard SSL certificates for online transfers.