PayKey - social network payment provider
Changing consumer behavior is having a real impact on retail banking; a trend used by both FinTech start-ups and instant messaging services who offer dedicated peer-to-peer (“P2P”) payment services to engage customers. Paykey can help banks to compete effectively with these new threat to them.
Founded in 2015, PayKey enables banks’ customers to send and receive money on any social network, including Facebook, WhatsApp, Twitter, etc. PayKey offers a Software Development Kit (“SDK”) to banks. Using the SDK, banks can integrate Paykey’s payment functionality into their mobile apps, effectively “upgrading” them in the process. The payment functionality is accessed through a special PayKey keyboard containing an additional “payment button”. While the keyboard is an extension of the mobile banking app it is available in any other app on the user’s smartphone, providing access to P2P money transfers from within any instant messenger or social networking app.
PayKey’s first of its kind secured payment keyboard makes everyday banking easier and more efficient than ever before.