A large bank started helping businesses sell through social networks


The goal is to help small businesses deal with the effects of quarantine.

A large bank helps retailers sell through social networks: how it works. Photo: lå

One of Spain’s major retail banks, CaixaBank, has introduced a technology that allows retailers to sell products through social networks and instant messengers. Thus, the financial institution seeks to help traders deal with the crisis caused by the coronavirus epidemic.

As small enterprises are forced to close their physical offices due to quarantine, many of them are trying to start working online. To help businesses with sales, CaixaBank deployed a service Social commerce, Which allows retailers to manage online purchases directly from their profiles on Facebook, Twitter, Instagram, WhatsApp, Telegram and other instant messengers.

Customers receive offers directly from vendors in social networks and messaging applications, and if they like the product, they can purchase it through a link that redirects to payment. The retailer gets information about the paid order, after which it can begin its shipment.

CaixaBank has also launched a service Paygold, Which allows businesses to receive payments online, by e-mail or in the form of text messages, without the need for a website.

The bank also offers a reduced commission for the use of POS terminals for quarantined companies and has developed a financing scheme to assist SMEs and self-employed people.

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Earlier we wrote that CaixaBank opened a “future branch” in Barcelona. Therefore, at the entrance, customers will be able to register in a particular machine, simply attaching their smartphone to it. For quick check-in, the bank uses NFC technology. After that, the financial institution recognizes the customer immediately and warns the responsible manager that his client has arrived.

In addition to registration terminals with NFC, the branch’s self-service area includes ATMs equipped with face recognition technology developed by CaixaBank. In them, customers can withdraw cash, confirming identities with their facial image instead of traditional PINs.

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