When was the last time a friend reminded you to give them back the money for a beer or a ticket to cinema? How annoying is it to have to go to your bank’s app, get all the transfer info and send them the money? Daniel Peled and Offer Markovich have a solution for you: PayKey, an app that allows you to send your friends money without leaving the social media you’re currently using.
“PayKey is the only solution that bridges the gap between social [networking] and banking. Other P2P transfer solutions require the on-boarding to a dedicated app thus provide less initiative and less contextual user experience,” they said.
PayKey is a Social Payments Solution enabling banks to provide their users with peer-to-peer payment options just when they are needed most, while engaged in social interactions. At the core of PayKey’s solution is the patent pending Mobile Payment Keyboard. This unique keyboard seamlessly integrates with the mobile banking application, enabling users to initiate and complete the transaction without having to leave the social interaction and switch to a different app.
What does it mean for you as a client? You’ll be able to send your friends money via Facebook or Whatsapp. All you’ll have to do is turn on the Mobile Payment Keyboard and choose the friend you want to send money to. Then you put in the amount. Authorise and press send. And you’re done.
You have to admit it’s definitely a much quicker solution than the alternative: asking a friend for their bank account to transfer the money from your bank account. and their potential market is huge; there’s over 2,3 billion active social mobile users.
PayKey’s raised $6 million in Series A funding co-led by e.ventures and Wharton Asset Management.
“As consumers become increasingly comfortable conducting financial transactions on mobile through social apps, it’s essential for banks to offer services that cater to these changing behavior patterns in an easy to use, secure way. This new funding will allow us to further develop our offering and expand our market reach globally,” said Daniel Peled, CEO.
PayKey is working with leading global banks to test and deploy PayKey solution, among which we can find Santander in several countries, Nationwide in the UK, SpareBank 1 in Norway, ING in the Netherlands and beyond, Privredna banka Zagreb, member of Intesa Sanpaolo Group in Croatia and Davivienda in Colombia.