Customers of Japan’s Rakuten bank now have a new, and very different, option when it comes to transferring money to another person—using Facebook. Transfer by Facebook allows senders to move funds without knowing a customer’s bank, branch, or account number. It is a similar idea to the bank’s Mail Money service, which allows funds transfers using only name and E-mail address.
Transfer by Facebook is the forward looking bank’s attempt to tap into the exponentially expanding use of mobile and social media by allowing users of the Rakuten mobile banking app to easily transfer funds to anyone on their Facebook friends list.
Notification of funds is then privately sent to the recipient via Facebook. Although this works as a one-click process between Rakuten bank customers, the Transfer by Facebook function also allows users to send funds to those banked elsewhere. By accessing a URL on Facebook with the transfer notice, the recipient is able to specify a bank account for the money to go to.
Currently, the only currency that can be moved with the money transfer service is yen.
Users can even send a message with the funds, to offer some context as to why logging into Facebook has been a financial windfall that day. There are no transfer fees charged for sending money to Rakuten account holders already linked to their account. If the recipient has not yet linked their account there is a ~$1.60 (163 yen) charge for the transfer.
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