Fancy being able to send and receive money on Facebook? Dream no more, that reality is coming.
All you need is a your Facebook ID or Twitter name.
It does make sense. The market is there, with over 1.65 billion active Facebook users each month. And one important rule of thumb in marketing is to go to where the conversation is happening. For many bank customers that is on social media.
It's already happening in America, so why shouldn't it work here.
I am skeptical, probably more so than most. It doesn't sound terribly safe to me.
I'm one of those who refuses to get a contactless card for fear it will be stolen and used, even though I know there are precautions in place. But then again I didn't even think mobile banking was safe and now I am a frequent user. Perhaps as popularity grows and Facebook develops more security updates, I will bite the bullet and start banking with (and on) Facebook.
It follows the launch of online-only banks without high street branches, biometric security methods including thumbprint passwords, services such as Paym that allow customers to send money using the recipient's mobile number and standalone money transfer apps such as Venmo, Splittable and Transferwise. Facebook users in the US are already able to transfer money to their friends free of charge on Messenger, the site’s instant messaging service, while Snapchat users can also send money to contacts using “Snapcash”.