Community

'Potential to wipe out the banking industry' would be an over optimist scenario. Consider this - Facebook has an user base of 8 Mn in India which is 10% of the wired population while India's internet penetration stands at 7% of its population. In this scenario, Facebook loses its relevance in the unwired part of the world. Banks have access to this world and this is unlikely to change in the near term.

Having said that, Zopa's success has shown us that the trust of the community can be built on the web and this should not remain an area of concern for Facebook. But what remains to be seen is whether Facebook can win the regulators in a cross-border scenario.

Dushyant

Do not see life in a physical object acting as a intermediary in a mobile to mobile payment scenario..throws 'convenience' out of the window. We need a utility test for this before it can be bummed or crumpled - Is there a need for a smart banknote in today's transaction scenario?