App-based bank puts a social twist on finance

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Most high street banks have already launched their own smartphone apps to offer customers simple access to their accounts. Russia's Instabank, however, is an entirely app-based bank that uses Facebook and Foursquare data to make money transfers and bill tracking easier. Those downloading the free iOS app are instantly issued with a Virtual MasterCard, which can be loaded with funds and used to pay for online purchases. By connecting their Facebook accounts, users can send money quickly and directly to friends by choosing the recipient and amount. They can also send a message and image along with the payment to…

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