Facebook is working with Australia's Commonwealth Bank to create an app that will allow Facebook users who are bank customers to make payments to third parties as well as Facebook friends using Facebook, Fortune reports.
Engagement and traffic, not direct revenue, is Facebook's expectation for how the app will create value. To the extent that users and their connections, preferences and values are Facebook's "product," the banking capability is expected to help Facebook monetize those relationships and values in an advertising or marketing context.
Wednesday, July 11, 2012
Facebook May Not be a Bank, But App is Going to Help Facebook Users Conduct Banking Transactions
Gary Kim has been a digital infra analyst and journalist for more than 30 years, covering the business impact of technology, pre- and post-internet. He sees a similar evolution coming with AI. General-purpose technologies do not come along very often, but when they do, they change life, economies and industries.
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