The electronic Bank, this is how Facebook is evolving – THE DEBATE

Spain.- Many might declare Facebook as the social network to engage with other people, be aware of the news and follow your idols in different fields or topics, but now also integrates with the theme bank. Today, Facebook is already considered as an electronic money institution.

The project that began in Spain, will be a tool for users to be able to make transfers of money or collect donations on their causes, altruistic, as well as other activities such as monetary.

In the united States already had managed this service and today starts on the european continent. Many consider that it could be the ‘shadow’ that touch very close to the benches traditional.

PREDECESSOR

During the 2012 was the first foray of Facebook into the field of banking. Mark came to an agreement with the Commonwealth Bank, in Australia, where to develop an app for payments through the social network. However, time after came to another agreement with companies such as ASB Bank in New Zealand, and ICICI Bank of India which would give direct access to its electronic banking services.

LICENSE

Facebook has made the official registry of entities of the bank in Spain, with the title of Facebook Payments International Limited, which will have a range of transfers of electronic money. Other countries which also joined this service through the social network was Ireland, that from the 24th of October 2016 would be recognised by the banking ireland.

LOCATION

The headquarters of this new service of electronic payment or banking of Facebook Payments International Limited is located in Dublin, including in the European Union and that informed the rest of the partners as it is Spain with the new condition of operator.

BENEFITS

With the license granted to the maximum creation of Zuckerberg, and according to what announced by the registry of entities of the Spanish Bank, is allowed:

Issue the money as well as distribute it, we may make refunds of the same coin virtually. Also you can execute payment operations. Acquire and issue of payment instruments, as well as the sending of money. Payment transactions may also be executed to transmit the permission of the payer to execute the operation of a payment by using electronic, digital, or computer, with the payment to the operator of the network or telecommunication system.

LIMITATIONS

unlike the services that you already have in the US, you will not be able to develop products as donations altruistic, or make payments from person to person , which was what many in Spain were waiting for, so they gave to meet with representatives of Facebook in Spain to the Europa Press agency.

EVOLUTION

For the moment, only these transitions will be part of the social network in european territories, although already in the EU, through its Messenger instant messaging, users send money securely. Applies with users of iOS, Android and desktop computers.

ACCESS

to be able To make use of this method of payment is not required to create an account, it only requires that the user of a profile on the platform, input a debit card number is VISA or Mastercard and linked to a bank account traditional. Subsequently it will provide a PIN code, that will serve for the transaction. For users of iOS system is linked with a fingerprint, such as that which occurs when you unlock your phone.