Well, it seems in these times of financial uncertainty, everyone’s favourite online social network is sharing the caring. Facebook had nearly 38 million users in the UK alone and that was expected to hit the 40 million mark by 2019. It is fair to say most people use the messenger app... So with news this week that Facebook will soon be offering money transfer functions allowing up to £2500 from user to user for free. That’s right, Facebook is actually paying the hidden money transfer fees for each transaction. Now think about those 40 million people and how much they transfer money between each other. That’s a lot of financial transactions and is likely to give the online banking industry a run for its money quite literally. Think how this will affect the banking industry but even just PayPal alone will feel the strain.
The Drum reported online that people will have to sign up their bank details which we're sure will ring a few alarms with some of the more cautious, spendthrifts but they have assured everyone there will be no use of personal details to target adverts. The reality is that Facebook could give birth to anew means of banking that takes the market by storm, literally cutting the high street banks and reaching out to loyal customers from under the fingers. Let’s face it, if you need to send a friends money for a gig tickets, or that last minute Birthday present, it’s much easier to do it in seconds, whilst your chat window is already open anyway.
So you wonder what is next. Voting in political elections via Facebook? We hope not.