There’s a buzz that’s started about Facebook banking, as Commonwealth Bank of Australia (CBA) and India's ICICI Bank have recently launched Facebook banking apps, and Citibank is rumoured to follow soon. What’s going on?
Originally, we all thought Facebook would take over bank functions through stealth via Facebook credits. These were, in fact, worth about $1.5bn a year in revenue in 2011, about 15% of Facebook’s revenues, and were predicted to reach almost $50bn by 2014. Then Facebook made a dramatic move in the summer, and dropped Facebook credits in favour of using real currencies, such as the dollar and euro.
