The power of Facebook is being used to allow users to securely send money around the world.
Social money transfer network Azimo’s Facebook integration claims to be the first to allow the transfer of funds directly from one bank account to another through the online social network.
Senders can transfer money to more than 125 countries and territories. Money can also be sent to over 150,000 payout desks around the world or used to top up mobile phones.
Although the service can be used for a range of transactions, Azimo is concentrating on the growing remittance payments sector. Migrant workers are estimated to have sent back $534 billion home last year across the globe.
Company founder Michael Kent said: “Unlike other areas of financial services, social media is very applicable to remittances.
“With more than a billion people around the world using Facebook to keep in touch with friends and family, it seems only natural it should become a channel for sending money.
“We surveyed our UK remittance customers and found nearly three quarters regularly use Facebook – and of those, over 60% were in touch with the person they wanted to send money to.”
He added: “Azimo’s aim is to charge only what is fair – between 1%-2% of the transaction – and to make it quick and easy for anyone to transfer their money overseas.
“In 2011 alone, using Azimo would have saved people in the UK a collective £200 milion. But we’ve also got our eye on the global market.”