Facebook Inc. (Nasdaq: FB) may have found another way to get its 900 million users to spend even more time on the social networking site - online banking.
According to a CNN Money report, Facebook has been working with Australia's Commonwealth Bank to create an online banking app, although the company has not made a lot of noise about the project.
Facebook began beta-testing the banking app in March, and it's expected to go live sometime later this year.
With so many people already connected via Facebook, offering a banking option may just be a logical next step. And if it succeeds, the Facebook banking app could change how people conduct transactions online.
The new Facebook app would not only allow users to conduct secure transactions with their bank, but also would enable payments to third parties and Facebook friends.
So members of the social media network who adopt the Facebook banking app will be able to pay their household bills and balance their checkbook in addition to the usual Facebook activities like uploading photos and updating their status.