Commonwealth Bank has launched the Facebook version of its payment app Kaching, following its announcement in November last year that it would launch in early January.
The app lets users send payments to Facebook friends as well as group and event administrators on the social media site. Users can also request payments from friends and keep track of all their Kaching transaction across Facebook and the mobile app.
Users need a four-digit PIN code to log into the Kaching Facebook app, which runs on the bank's IT infrastructure. To confirm payments, users must enter another six-digit PIN sent to them via SMS. The code is also used by the payee to receive the payment. Customers with other banks are able to receive payments.
CommBank said it will cover any losses on any unauthorised transactions made through a customer's Facebook account.
"In addition to the security measures we have in place to protect a customer's personal information, we have designed CommBank Kaching for Facebook in a way that ensures Facebook does not have access to, or visibility over, anything our customers do within the application," said CommBank's chief marketing and online officer, Andy Lark.
Lark said Facebook is too popular for the bank to ignore.
"With Facebook popularity skyrocketing to more than 55 per cent of the population in Australia, we know our customers, particularly Facebook's core user base of 18-35 year olds, are looking for new ways to connect their banking and their lives, friends and causes inside Facebook," he said.
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