Perhaps U.S. regulators should rethink their approach. Why not apply the rules in proportion to the risk involved? They could, for example, allow some leeway for as much as, say, $250 in remittances when transferred through Facebook or a similar secure network.
It almost goes without saying that the transformation of the banking industry is already well under way. Hundreds of millions of people worldwide use mobile applications to send and receive money.
For the 2.5 billion people in emerging markets with no access to a bank, however, Facebook’s entry into the market could do more than make it cheaper to send earnings back home. If it allows them to establish credit, obtain loans, meet payrolls, pay household bills and invest, the bank of Facebook could find itself with a lot of friend requests.