Facebook for Money Transfer that is $500 billion a year business
Using Azimo to send money via Facebook works as follows: The sender invites their intended recipient to sign up to Azimo via an automatically sent Facebook message. The recipient then logs into Azimo’s Facebook app and fills out their details, including where they want the money sent to, which could be one of the 150,000 payout desks in the 125 countries supported, a mobile phone ‘top up’, or a bank account. And since the recipient fills out that crucial information, those details are kept hidden from the sender, while the company claims that less mistakes are likely, too.
In addition, in order to reduce the likelihood of fraud, Azimo says that it analyses “key pieces of information about individual Facebook profiles to verify that they are genuine”. These include the length of time a Facebook profile has existed, how active it is, how many friends the account has and whether it’s linked to a genuine email address bearing the same name as the person who owns the account. That makes sense and serves as another reminder of how our social media data can be minded by companies, particularly in the financial sector, and Azimo certainly isn’t the first to do so