Facebook Now Wants Users' Banking Information
Facebook wants users to start banking via its Messenger app
The Wall Street Journal recently reported that Facebook has asked top banks in the U.S. to share financial information about their customers - things like card transactions and checking account balances. This is all in an attempt to offer newer and better services for Facebook users.
What banks are involved
Facebook has already spoken to a handful of banks, including JPMorgan Chase, Wells Fargo, Citigroup, and U.S. Bancorp. The goal, according to Facebook, is that users would be able to use the Facebook Messenger app as a way to buy and sell goods. Facebook has also mentioned an interest in showing users their checking account balance for smarter spending.
Facebook's new idea has not come without pushback, as banking information is highly sensitive and Facebook has already faced some heat over violating user’s privacy in the past year. Facebook has, however, already said that it would not use the banking information for ad-targeting and that the information provided would not be shared with third parties.
People are already using a variety of websites and apps such as PayPal, Square, and Venmo that serve their online banking app needs. This could prove to be problematic for Facebook unless they find a groundbreaking way to incorporate the banking feature into their platform. Even so, many American’s still prefer using credit and debit cards over online third party platforms for their banking needs anyway.
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