Facebook Announces Online-Banking Test

If this announcement by Facebook is to be believed, there will be a new feature on Facebook shortly – Facebook online banking. Facebook is reportedly working away with the Australian Commonwealth Bank to bring a payment solution for its nearly a billion individual and corporate users across the world.

This app or feature will work as a payment solution that will allow Facebook users to make payments to other Facebook users through their bank account or netbanking credentials. The bank in question will authenticate the transactions using its secure payment gateway much like any other payment gateways currently in operation.

What implications does it have for the average users? Well, there seems to be both good and bad things for every new technology that comes our way. When it comes to payment solutions for Facebook it immediately brings us down to the question of privacy or financial data.

Users should be weary of sharing that on Facebook for the simple fact that since it’s on Facebook it can be compromised. They already have probably the second largest human behavioral data in their possession including who we are, what we do, who our friends are and even where we eat or where we love to go for a vacation. With the financial data now thrown into the mix, Facebook will surely become more of a part of our life than we ever needed and probably ever would have wanted.

Facebook has not yet revealed the details of the payment solution, how it will work and what measures they are taking to ensure the security of the data exchanged over their servers. If Facebook were a country it would have been the third largest in terms of population. So, no wonders that their payment app is going to be used by users around the globe.

Via: Forbes