Russia’s Instabank, which makes use of data from Facebook and Foursquare to facilitate money transfers and bill tracking, has launched, according to Springwise.com.
Users who download the free iOS app are given a Virtual MasterCard, and by connecting to Facebook, they can quickly send money to friends, along with an image and message about the payment, all of which come up in keyword-searchable visual statements.
When linked to Foursquare, app users can attach locations to payments to provide further payment details. If a particular person buys a gift or covers a bill for a shared activity, the app keeps track. All activity can be viewed in infographics.
Instabank’s team provides 10 percent interest per annum and plans to offer the option to pay Facebook friends who don’t have Instabank.
For more on Instabank’s social media-based app, click here.
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