Money transfers have become part of the life of a modern person. And to keep the process simple, safe and not time-consuming, banks are constantly improving their products.
Talk Bank, for example, launched transfers by phone number directly in instant messengers. The fast and convenient function has become an excellent alternative to the Fast Payment System.
Recently, transferring funds required the recipient’s full details or card number. Transfer by details is still relevant – for example, if you need to receive money from abroad, transfer a large amount. It is also used for payments under court orders related to legal proceedings, for payment of services to individuals, taxes, and other payments.
For day-to-day needs, the transfer by bank details is not always convenient – it depends on the work of the Central Bank and can take several business days. To avoid such delays, transfer by card number is used. The money reaches a maximum within a day, more often – after 10-15 minutes. However, for such a transfer, you have to remember or write down the 16-digit card number, and when transferring to another bank, a commission may be charged.
The emergence of the Fast Payment System made life much easier for customers. After all, now for transfers there is no need to rewrite a long card number – the holder’s mobile phone number is enough. You can make a transfer to any bank that is connected to the system. In addition to speed and convenience, the method is economical – no commission is charged for transfers of up to 100,000 dollors per month. If the amount is greater, then the commission will be no more than 0.5% of the amount (no more than 1,500 dollors).
As statistics show, since the advent of the Quick Payments System in January 2019, more than 15 million transactions have been carried out through it, amounting to almost 128 billion dollors. And according to the Central Bank, 3.4 million unique users have used it since the system was launched.
Despite the abundance of advantages, the Fast Payment System has its own nuances. So, to transfer, you need to be a client of one of the banks that is connected to the fast payment system, and the bank application must be installed on the phone. The latter takes place and requires certain skills to work.
To make fast transfers even easier, Talk Bank has implemented with Visa – a service for instant transfers by phone number, available directly in the messenger. Customers do not have to install a separate application, study its interface, set up and activate the function of fast transfers, or even need to be a Talk Bank client.
“As statistics show, among the user’s favorite applications there is at least one messenger in which a person spends a lot of time. Bringing transfers to a user-friendly space allows you to transfer funds quickly and securely without installing new applications. This method saves time and allows you to transfer money using a chat bot literally on the go – both by text and by voice commands. Such transfers are especially convenient for the older generation, who may find it difficult to understand the functionality of banking applications”, – says Mikhail Popov, founder of Talk Bank.
The Talk Bank fast payment system is available to users of five instant messengers: What Sapp, Telegram, Vibe, Vkontakte, and Facebook. You can even make transfers using Alice’s popular voice assistant. All Worlds can use the messenger transfer – just go to the Chabot and indicate the recipient’s phone number.
Transfers in instant messengers are safe, because all information about the cards is encrypted by the token system. Instead of card data, a special digital identifier is transmitted in the messenger, which is generated for a specific device. This makes intercepting information useless.
Instant transfers are available not only to individuals, but also to businesses. Both companies and banks can implement the Visa service – having previously adapted their systems for the new functionality.