Facebook to Become the World's Largest Bank by 2015

#Internet

Thu, Apr 14th, 2011 22:00 by capnasty NEWS

According to TechWorld's Rodney Gedda, technology observer and entrepreneur Ken Rutkowski believes that by the middle of this decade, Facebook will become the world's biggest bank.

According to Rutkowski, Facebook credits allow people to play games and Facebook is already doing deals with the banks for credit profiles.

"If you play games on Facebook, which, by the way 40 to 50 per cent of the time spent on Facebook is playing games, and those games -- like Farmville and Mafia Wars -- are paid for and you have to buy credits for that and they are called Facebook Credits."

Rutkowski cited the company Zynga that created Farmville as being worth almost $12 billion now and it "didn't even exist 18 months ago."

Although Mr Rutkowski warns that if you don't have a Facebook account, you better get one "or risk having a financial profile created for them". I, ah, don't think regular banks are going anywhere soon. I already find Facebook's complete disregard for users' privacy a concern, imagine them having access to my financial business as well. Here's hoping I am not alone.

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