Banking's future could be on Facebook

Virtual currency, identity verification, these are just a few of the opportunities the social media giant could offer an evolving banking sector.

It’s been announced that Facebook is going to start phasing out their Facebook Credits system. If you’ve been watching my commentary over the last few years, I had entertained Facebook becoming a sort of default currency for the web because of the platform’s ubiquity. However, like many things online, users and developers collaborated to create something different than intended. Soon Zynga and others were embedding their own currencies in their games like FarmVille, linked to real-world currencies like the US Dollar and Japanese Yen. That may have been to avoid the virtual ‘tax’ of the Facebook Credits system, or simply copying the intent of Facebook themselves, to create retained value or value stores of cash as part of the game ecosystem.

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