News Article

Would you manage your money using Facebook?

Published 10 July 2012 by

In our age of instant communication and social media, many of us rely on our Facebook accounts to keep in touch with friends & family, plan events and 'follow' our favourite things.

But would you use Facebook to manage your finances? According to Hit Search, a new Facebook 'app' will allow users to manage their finances, including dealing with Direct Debits, through their Facebook profile.

Australia's Commonwealth Bank (CBA) is set to launch the app, called 'Kaching', by the end of 2012 - offering a payments service that will allow users to carry out the majority of their banking without having to leave their Facebook account.

The Kaching app already launched for the iPhone late last year and allows users to make payments to people through their Facebook page. What's more, the website app marks the first time a major bank will let their customers access banking services through a social network - and if it's a success, banks closer to home could soon follow suit.

Users who download the app will be able to view their bank/credit cards from within their profile on the social networking site, see how much money they owe, what credit they have, view their payment history and make new payments.

With a new generation of banking customers moving away from more traditional ways of banking, such as visiting a local branch, the launch of banking on Facebook could mark the next big step in the evolution of managing our money online.

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