Thursday, March 19, 2015

Trusting Facebook with your bank Info.

Facebook just announced that they will be allowing people to pay and send money to family and friends on Facebook just like people do on sites like PayPal. This is a very smart choice on Facebook's part because many people connect with their distant family and friends mostly through social media instead of actual phone calls and texts. Being able to add this to the way of connecting with them will add convenience to paying someone back when you owe them money.

I think a lot of people will use this, however I think some may have a problem trusting Facebook with their bank information. Facebook is way to share pictures, events, videos, posts, news etc. and now money! There have been issues in the past of people not reading the privacy settings on Facebook and often times not knowing that their private page isn't so private when some of their information is sold to advertisers.

Talking about privacy is one thing, but when it comes to people's money Facebook will have to be extremely careful to maintain trust with their users. Otherwise the business could go downhill really quick. I personally will not be using it just because it's new and I'd want to wait to see how it does first. Then if I am comfortable enough it could take a load off my shoulders when trying to send money to someone with confidence that it won't be stolen. Another issue would be to make sure other people have it too, so you can actually send the money. Either way people will mostly want to do it for the convenience it brings to the transaction process.

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