Category Archives: India

Using Social Media to get the Best Online Payment System

With the advancement in technology and innovation, the process of payments has evolved significantly. Different fields have adopted the new payment solutions with enthusiasm. The banking sector is not an exception. Various banks and social media companies have embraced this new payments trends and have collaborated to offer new services. This is because of the growing use of the smartphones and internet among many people around the world. An increasing number of people are using the social media to make payments as well as performing other banking and transaction operations. The following are examples of banks which have integrated within social media platforms such as Facebook and Twitter in order to provide the best online payment system and respond to the needs of the people.

ICICI Bank – India
ICICI bank launched ICICIBankPay which would allow clients with a Twitter account to transfer money in the country. It can also allow individuals to recharge prepaid mobile, view the last three transactions, and check the account balance. Moreover, the rolling out of the mobile payment service via Twitter was also aimed to tapping the market of potential clients who did not have an account with the bank but still wanted to use its services.

Banque Populaire d’Ḗpargne (BPCE) – France
BPCE signalled a move to revenue streams by collaborating with Twitter in announcing that it would allow its clients to transfer money through tweets. All one needs to do is to link the Twitter username to the S-money account and install the app. Both the sender and the recipient of the money must have the S-money account and app linked.

Kotak Mahindra – India
Kotak launched a social savings bank account known as Jifi Saver. The management of the account is done through Twitter and Facebook. It caters for the tech savvy clients more so eCommerce partners. It also caters for the needs of online shoppers. The service is available in 27 cities across India.

Baclays Bank – UK
On 10th March, 2015, Baclays launched a Twitter service becoming the first bank in the UK to allow payments through Twitter. It aimed at exploiting social and digital opportunities in order to offer an optimal customer experience. The payment is swift and does not require that the user provides the bank details or the phone number. The service was successfully launched despite the security concerns associated with the use of the mobile phones and the social media.

Rakuten Bank – Japan
Rakuten has a well established reputation in global eCommerce business. It was therefore not surprising when the company utilized the use of Facebook in its service to clients. Customers are supposed to log in to the bank iOS and Android apps, connect their Rakuten and Facebook accounts, and choose from their Facebook friends who they want to pay. If the recipient bank account is not linked to a Facebook account there is a small charge of 165 yen, if it is, it is a free service.

RBC Royal Bank of Canada – Canada
RBC expanded its mobile bank solutions by enabling its clients to make electronic transfers through Facebook. This is in line with the bank’s mission to become “Canada’s most innovative bank.” In this regard, one can send money to his or her Facebook friends through Android, iPhone, or iPad.

ASB Bank – New Zealand
In July, 2012, ASB Bank sought to exploit the social media phenomenon by announcing that it would use the Facebook platform to send notifications to customers. Similarly, it allowed customers to make payments to other banks through Facebook. The bank emphasized that one does not have to provide a bank account. From the time the service was launched, 10 % of the bank’s mobile payments have been effected through the platform.

FNB – South Africa
FNB South Africa has drastically changed the South African banking landscape with its advertising strategies and progressive marketing. It is against this backdrop that it adopted Facebook as one of the banking tools. It uses Facebook to do the following business operations: crowd-sourcing, sponsorship, and communication with clients and fans. Its smartphone app can make payments and one can link it easily to a bank account.

Commonwealth Bank – Australia
The commonwealth, Australia, connects with the clients via the Facebook and Twitter. It released a social media app, CommBank Katching for Facebook , that will give clients payment options via Facebook. The app has put into consideration the security and privacy issues that surround the use of Facebook. For example, the bank was concerned about the online scams and cyber crime and promised to lay concrete measures that would protect its clients.

There is a paradigm shift in payments methods. Banks are realizing the immense benefits that come with the use of social media in their business operations. In this light, banking institutions are giving payments via the social media great attention. The greatest advantage with this is that the use of the social media is growing. There is all the likelihood that it will continue to grow. Despite providing little value for international remittance, social media will play a major role in online payments and transactions.

Stop paying so much to Send Money to India

Need to send money to India? It should be noted that sending money to India involves a high amount of government related restrictions. Financial Institutions in India are divided in two categories, of which the first type involves regulatory institutions and the second type refers to the intermediaries. The regulators are responsible for governing all the divisions of the Indian financial system. These regulatory institutions are responsible for maintaining the transparency and the national interest in the operations of the institutions under their supervision. Apart from the Regulatory bodies, there are the Intermediaries that include the banking and non-banking financial institutions. Taken from this tight economic situation, that all transactions are regulated, you are more likely to pay extra fees when sending money to and from India. This is exactly why you need to know the best way to get the best worth for your rupee, at all times. The good news is that it can well be accomplished once you know the ins and outs of the Indian Government.

If you need to send money to India you can do so by using a bank wire transfer which is considered the most practical way of sending money to the State Bank of India or any other bank in India. As for Wire Transfer as one of the most common ways to make international money transfer, upon sending your wire transfer to the State bank of India via your bank, it is likely that you will be charged an expensive transfer fee and offered poor rates of currency exchange. Online Transfer is similarly considered a most practical way to send money to India. All you need is an internet connection and use of local banking services to transfer money to an account in India. This method is especially recommended if you do regular transfer of funds, as it enable one to avoid steep banking charges. So we must know that some Banks and money transfer firms charge more than what meets the eye. We thus need to find the most cost-efficient of money transfer services in the light of India’s economic situation.

For example, Xendpay can make sending money to India more cost-efficient. Highly experienced at sending money to the State bank of India, Xendpay claims to offer the lowest rate to India, given that all transactions are still authorized by the Financial Conduct Authority (FCA). There are numerous other institutions to choose from, such as Western Union, Xoom, Remit2India, Axisbank, and Moneygram. Now, as a result of the collaboration of the Department of Posts, Government of India with the Western Union Financial Services and MoneyGram International, a state of the art International Money transfer Service is available through the Post Offices in India. This service enables instantaneous remittance of money from around 195 countries and territories to India, wherewith recipients can collect the money almost instantaneously. Another option is Transfer Wise, which offers no hidden fees, so you get more rupees every time. If you reside in Europe and need to send money to India then Money2India Europe is highly recommended. Money2India Europe simplifies money transfers from 17 Eurozone countries to India with minimal costs.