You’ve probably heard 99 reasons why Facebook is ahead of the pack. But top money pro Roger McNamee tells us you only need to know about one.
McNamee, who is a famed venture capitalist, says “The genius of Facebook is Facebook Connect.” That’s the feature that allows people to log onto all sorts of other sites using their Facebook credentials
“That makes the entire internet an extension ofFacebook,” he says.
The next evolution he says, will probably be in mobile - an area of technology that’s at its infancy.
“The opportunity there is much greater (than Facebook on your desktop) because Facebook can make it incredibly convenient to make payments using a mobile device.”
Here’s why.
“Facebook unlike eBay's Paypal and others can give authentication without requiring people to enter data. And when you’re on a small mobile device like a BlackBerry or iPhone you won’t want to be typing in your name and your credit card. You’re going to need that stored.”
Chances are you're going to want all your info in one place, and if a lot of it is already stored on Facebook, then Facebook could be at the center of a new trend – one in which people start using smartphones instead of credit and debit cards for financial transactions.
“That’s a big opportunity,” says McNamee. ”Even bigger than what they’re doing right now.”
Posted by CNBC's Lee Brodie
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