Commonwealth Bank of Australia (CBA), Australia’s second-largest bank by assets, has launched its Kaching mobile payment app for Facebook.
According to CBA, the app will enable users to make payments to Facebook friends and anyone with a mobile number or email address.
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CBA said customers using the app would be able to make payments to Facebook events and gift payments from within the social network to friends and family on special occasions such as birthdays.
Customers can also post payment requests for joint birthday presents or holidays on their friends’ timeline or in a private message.
Andy Lark, chief marketing and online officer at CBA, said that as social banking started to take off, more customers would embrace a range of payment options as they started to integrate their everyday needs within their social networks.
He added: "With Facebook popularity skyrocketing to more than 55% 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."
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