Although Facebook is downplaying its "Pay With Facebook"
project, there's a good chance the social notworking site will try to
evolve into something much more serious, a Facebank of sorts.
One of Facebook's engineers, Ivan Kirigin, says that the online payment
service could become a major source of income for the outfit. He claims
that third party payment services don't add enough value, and thinks
Facebook could control cash flow itself. He thinks a payment system
integrated into Facebook or Twitter could be a big success, and with
250 million Facebook users, it's rather hard not to share his optimism.
Facebook's advertising revenues are expected to near $475 million in
2009, which is really not bad for a company nobody had ever heard of a
few years back. However, some Facebook execs believe that the company
could generate even more revenues through online payments, and once
again we believe that they could be on to something.
So apart from getting your daily serving of gossip and invitations to
pointless altruistic social groups, you could start getting some
invoices or bills when you open your profile. With all the hype
surrounding Facebook, we wouldn't be surprised if its payment service
becomes a household name within a couple of years.
More
here.