Facebook will now track user's finances in addition to social contacts, employment, health status, political affiliation
In its bid to become the provider - and tracker - of all things to all humans, Facebook has announced that it is entering the peer-to-peer money transferal market.
The initiative is meant to rival PayPay, and it revolves around Facebook's Messenger app. According to the Financial Times, the Silcon Valley-based social media company is trying to compete with PayPal, Square and other payment providers and, eventually, even large banks, following an announcement that users will be able to upload a Visa or MasterCard debit card to the Messenger app and send payments to other Facebook users for free.
The social media giant is just the latest tech company to make a go at entering the lucrative financial sector; its effort follows Apple's payment service system, Apple Pay, which was launched last year, and Google, which has introduced Google Wallet. Whatever solution the company finds for Facebook Messenger could also be applied via WhatsApp, an SMS-style messaging app that Facebook purchased in 2014 for $22 billion.
Source : http://www.naturalnews.com/049328_Facebook_privacy_social_media.html
Labels: New World Order