Auka’s CEO, Daniel Döderlein, shared his thoughts with Global Banking & Finance Review late last week about Facebook and their recent launch of P2P mobile payments.
The article, which can be found here, followed on from a piece six months ago which spoke about an announcement that Facebook made about a partnership with Mastercard and what that meant for banks.
In this most recent piece, Daniel describes how Facebook has begun following a mobile payments formula. This is the same mobile payments formula that’s been adopted by Scandinavian banks and third-parties such as Alipay, WeChat Pay and Venmo.
He also describes how whilst the situation doesn’t look that dire for banks and card companies right now, as soon as they’re able, Facebook will cut out unnecessary partnerships (and the funding that goes along with them). Much of this severing of ties will be enabled, post-PSD2. Read this blog post from a couple of months back about how Google demonstrated exactly how this could happen, when they launched Tez in India.
In the piece for Global Banking & Finance, Daniel outlined the five core commonalities of the mobile payments formula being now followed by Facebook.
The below commonalities have been described in a lot more detail within the article:
Want to discuss this formula in more detail and to find out how your bank could apply the same?