What do you think of when the words “money transfer” come to mind? For many of us, there will invariably be a host of not-so-wonderful experiences, unfortunately, often due the fact that this particular service, while essential for travels abroad, often results in poor exchange rates and lofty commission rates, not to mention frustrating wait times. Of course, the particular location or organisation a traveller uses to exchange his or her currency will largely influence the experience they have during the process. With that in mind, a recent move by several of the UK’s most popular high street banks to incorporate Twitter into the money transfer process has reinvigorated the enthusiasm and interest of many citizens who had become jaded with these institutions in the past.
According to representatives from key banking institutions, the era of “Twitter banking” is fast approaching. In fact, several organisations around the world have already begun to integrate social media into their payment platforms. For example, the Indian-based ICICI bank has already developed an extensive Twitter payment platform which has become an indispensable element of the local economy. Similar systems have also emerged in France.
Although several tech giants are moving in different directions regarding payment systems, such as the contactless transfer mechanisms being incorporated into the Apple Pay service for iPhone and the Apple watch, many experts agree that mobile money transfer via social media will revolutionise the current infrastructure.
When asked for a statement regarding the future of mobile, social media-driven payment platforms the UK, Deloitte Security Consultant Stephen Nicholls stated, “’Twitter banking is not only coming, it already exists. ‘The opportunities are endless. But how we cope with that in terms of tackling online fraud will be absolutely fascinating.’
As can be seen from these comments, bank security teams will be forced to evolve rapidly to confront the increased threat of fraud now that social media is being used to facilitate payments. That being said, if such a problem can be surmounted, there is virtually no limit to how this amazing technology can and will be utilised. More information about these systems will likely be made available in the coming months. For those who are interested in learning more about social media driven money transfer platforms, a variety of tech-minded publications are carrying the most up-to-date news pieces regarding this fascinating and revolutionary technology.