In a move which could mean more dilution of bank revenues, Facebook has won approval for a P2P patent in Australia. It might also herald the same move across Asia.
As well as fending off growing encroachment into their territory from another tech giant Apple, and the ubiquitous Alipay from Jack Ma, Australian banks may soon have another battle on their hands.
Facebook has recently been granted a patent in Australia that would allow it to roll out peer-to-peer (P2P) payments within its Messenger service, according to a report in the «Australian Financial Review» (paywall).
Fighting on All Fronts
Any action on that front is bound to antagonise the local banks which have invested more than $1 billion in their own P2P payments network to be launched later this year.
The largest Aussie banks are also soon to be hit with a so called tax levy bill and last month Credit rating agency Moody's Investors Service downgraded 12 Australian banks, including the big four of ANZ, Westpac, National Australia Bank and Commonwealth Bank.
