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Singapore banks plan transactions through social media

image007Banks in Singapore are preparing to launch a product that will enable customers to make payments using Twitter usernames or Facebook IDs. A pilot is expected to take place in the first quarter of 2017. Instead of entering an account number and sort code, users will be able to make payments by selecting the payee’s Facebook ID or Twitter username. Singapore’s existing internal fund transfer system, Fast and Secure Transfers (FAST), which brings together 20 banks to allow near-instant fund transfers, will be used. Participating banks include UOB and DBS, as well as others with Asian retail operations, such as Citi and HSBC. The proxy ID system would begin with the use of mobile phone numbers as substitutes for bank accounts

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