Customers of an Indian bank can already tweet funds to friends and family, now financial startup Fastacash wants to bring social payments to everyone, by enabling users to make payments to friends via their choice of familiar platforms — including email, SMS, Whatsapp, Twitter and Facebook Messenger.
The Singapore based fintech company aims to be the enabler for banks, mobile operators, financial institutions and payment providers that want to socialize their payment services. While a number of companies — including Facebook and Snapchat — have begun introducing their own platforms, Fastacash facilitates the process from the financial side and helps financial partners create co-branded apps.
Fastacash recently launched Ping Pay, with Indian bank Axis, which already has one million registered customers. The app enables users to send and receive payments via a number of social networking platforms by sharing auto-generated sender codes with recipients. Ping Pay will provide the model for Fastacash’s future partnerships, which the company aims to secure fifty in the near future, expanding the business out of Asia and into the US and the UK.
How else could online payments become more streamlined and integrated into existing communication channels?