People can now transfer up to £3,000 using social media platforms including Twitter, Facebook, WhatsApp and Wechat as well as traditional text messages following the launch of the XOPO app.
People can now transfer up to £3,000 using social media platforms including Twitter, Facebook, WhatsApp and Wechat as well as traditional text messages following the launch of the XOPO app.
The service, which is available for Android and iOS devices, means users can send money internationally across popular social networks.
Sudhesh Giriyan, chief operating officer at Xpress Money, said: “XOPO will transform the global money transfer market making money transfer as straightforward as a status update or a tweet.
“This is particularly valuable in those situations where you may need to send money to a friend or loved one at short notice or on the move.”
The sender does not need the receiver’s bank account details, they just need to be connected over a social channel of choice to transfer the funds.
Additionally, the receiver can also directly send a request for money through the app to the sender.
XOPO does not send money using the Facebook network, it only allows users to pick a contact from Facebook or other social channels.
The money transfer actually happens through Xpress Money’s secure payment channels using a tokenised link: there is no actual physical money being transferred on XOPO and there is no financial or personal information being shared on the system.
Giriyan added: “We understand that some consumers may have reservations about a financial service linked to social channels. We’ve designed XOPO with security front of mind in every aspect.”
David Hollingworth, director of communications for London & Country Mortgages, said the app demonstrated the direction of travel for all banking transactions.
He said: "There’s a growing number of examples of payments and money transfer options that seek to integrate the use of smartphones and social networking to offer an alternative to traditional banks.
“The banks themselves have rushed to support Apple Pay and Paym, which links accounts to mobile phone numbers.
“As the take up of these approaches becomes more widely used consumers will become more accepting of alternative technology.”
However Hollingworth warned that mortgage lending is a complicated transaction so it is likely to take time for this kind of simple money transfer to translate directly to lending.
He added: “However, it would be no surprise to see traditional banking continue to adapt to changing customer behaviour to ensure they remain relevant.
“New banks like Atom Bank will be heavily focused on technology which will again continue to push the market to innovate.”
