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Moving social networks into banking seems to be an excellent business opportunity for social networks! Suddenly they can make money from their users directly,
by willvarfar 7y ago
Moving social networks into banking seems to be an excellent business opportunity for social networks!
Suddenly they can make money from their users directly, rather than from selling their users to advertising customers.
I think Apple should investigate doing the same; make it so you can have an iBankAccount, and use phones to transfer money and pay etc using Apple as a bank. Apple could beat Facebook at this. And with Tim Cook at the helm, we might actually trust them more than Facebook and the current crop of actual banks.
The thing I don't get is the 'crypto' part of the currency; why that? Why not just become FaceBank and do it the old fashioned way?
- lasagnaphil 7y agoI want to note that KakaoTalk [0], which is the de-facto messenger service of Korea, is exactly going this route. Although having a straightforward monopoly on messenger services in the country, it has failed to find a sustainable business model in the past. However, five years ago they launched a service called KakaoPay [1], which lets you send money across KakaoTalk friends right in the app. And quite recently it launched its own bank called KakaoBank [2], and is nowadays even issuing debit cards. I expect many social network companies to move in similar directions; once you have a monopoly on communications, network effects are too strong to ignore. [0] https://en.wikipedia.org/wiki/KakaoTalk https://en.wikipedia.org/wiki/KakaoTalk [1] https://en.wikipedia.org/wiki/KakaoPay https://en.wikipedia.org/wiki/KakaoPay [2] https://en.wikipedia.org/wiki/KakaoBank https://en.wikipedia.org/wiki/KakaoBank