Facebook: The Next Online Bank?
America’s favorite social network could soon double as an online bank.
Australia’s Commonweatlth Bank is reportedly building a Facebook app that will allow customers to make payments to third parties and Facebook friends through the network, reports CNN. The bank will secure transactions using its own authentication system, similar to how it secures payments on its site and mobile app, a spokesperson says.
Facebook has yet to publicly comment on the plan, but it’s fair to assume that if the social network is working with one bank, it wants others to follow suit. So what would this mean for you, the consumer? Here’s a quick list of pros and cons…
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