Japanese bank launches Facebook money transfer service

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Japanese bank Rakuten has launched a new Facebook-based money transfer service.

Transfer by Facebook allows users to send money to friends by logging into their Rakuten Bank account using the Rakuten app, selecting who they want to send money to from their Facebook friends list and entering the amount to be transferred.

The transfer process is free when sent to other Rakuten bank customers and can be undertaken using the app without any of the recipient’s account information. It also includes a 50 character message to go along with the transaction, notification of which is sent privately 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 customers of other banks for a small fee. 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 service is only available for transfers involving JPY.

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