Social Networks as Mobile-Payments Models?

by Mercator Advisory Group 0

Banks have an opportunity to deliver value to customers by turning social networks into mobile-payments models. In one example in Indonesia, PermataBank, serving as the trusted processing bank, reportedly has enabled BlackBerry to deploy a new mobile-payment service that leverages the BlackBerry Messenger network.

From Bank Systems & Technology:

The new service, BBM Money, allows Indonesian customers to create and access a Mobile Money account from their BlackBerry smartphone and make real-time payments to their BBM contacts. This is the first comprehensive service in the world to be tightly integrated with BlackBerry Messenger and was immediately offered to all BlackBerry users in Indonesia irrespective of their banking provider.

The program offers BlackBerry users convenience and helps the development of a cashless society in Indonesia by using the popular BBM feature. BBM Money attracted more than 60,000 registrations within 90 days of launching. Adoption is on pace to reach 200,000 registrations in the first year.

In the U.S., BlackBerry is a relatively small player in the smartphone market when compared with Apple iPhone and Google Android devices. But Permata’s intentions are sound in trying to use the social aspects inherent in instant messaging services to bring immediate funds transfers to a broadly used social-networking operation in Indonesia. In fact, Google already is enabling funds transfers through its Gmail service, enabling individuals to send funds to family and friends via email. Its goal is to drive more consumers to use its Google Wallet.

Click here to read more from Bank Systems & Technology.

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