Connecting social networks to the online current account, is this the future of payments?

Connecting social networks to the online current account, is this the future of payments?

Conto corrente online e il futuro dei pagamenti

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Do you remember that two years ago Amazon gave its U.S. customers the opportunity to open a sort of online current account that could be used as a payment method for its services and purchases? Instead, in 2019 Apple launched its own credit card in collaboration with Goldman Sachs, while Google announced Cache, in partnership with Citigroup, which allows users to merge Gmail and current accounts.

In short, the path of virtual bank accounts must seem very convenient if all the giants of technology are trying to profitably travel it.
The stakes? Definitely high. By monitoring the way users manage their finances, you can in fact get an increasingly accurate profiling of users’ buying habits, their income, propensity to spend, savings, investments. Precious information on which to build more and more targeted services with high added value.

The last giant to announce great news in this field is Facebook, a company also headed by Instagram and Whatsapp.
At the beginning of this year, Zuckerberg announced the arrival of an integrated payment system in Whatsapp, which has already been successfully tested in India. WhatsApp Pay, this is the name of the project, will be released in several countries, probably with a staggered launch at the end of a series of other tests on countries with milder regulations than EU members (for example Indonesia, Brazil and Mexico).
The new app will allow you to link your account to an online bank account or credit card, making it possible not only to exchange money with your contacts but also to pay at partner e-commerce sites. This is not an alternative bitcoin currency but a different way to access your finances.

The initiative has all the air of wanting to break the monopoly of traditional banks by continuing a path already started by the so-called challenger banks, those small digital institutions able to offer services easier to use at low cost.

Contact us for more information on the types of online current account offered by Trustcom Financial.

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