U.K. bank First Direct partnered with fintech startup PayKey to launch fdpay, new peer-to-peer payments service through social media apps, such as WhatsApp and Messenger

Briefing

U.K. bank First Direct partnered with fintech startup PayKey to launch fdpay, new peer-to-peer payments service through social media apps, such as WhatsApp and Messenger

February 1, 2019

Briefing
  • Social Media Payments – U.K. bank First Direct announced fdpay, new service that lets customers make peer-to-peer payments within social media apps, such as WhatsApp and Facebook Messenger, on January 28, 2019
  • Authentication Step – Interested users of service must first go to first direct’s mobile banking app and press fd button to authenticate and start making payments
  • In-App Transfers – Customers who have successfully authenticated will just have to open app of choice, press payment icon in keyboard within conversation, and start transferring funds, which are processed in seconds
  • PayKey Partnership – Developed fdpay in partnership with fintech startup PayKey, which let banks offer financial services from mobile apps

Market Disruption
Innovation Partnerships, New Payment Technologies

Business Model and Practices

Business Model
and Practices
Innovative Partnerships

Sector
Financial Services

Organization
HSBC Holdings plc

Source

Original Publication Date
January 28, 2019

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