Facebank

Facebook, the place where you can find everything about your friends, is applying for permission from the Ireland’s central bank to allow its users to store and exchange money.

There are few details to be worked out, but for the sake of argument, let’s assume they manage to satisfy the regulator requirements.

It will mean that Facebook will know: who your friends are; your favourite things; your sentiment about causes you care; and provide you with an offer you won’t be able to refuse – a free checking account and the ability to transfer money to any of your Facebook friends (for a small fee, of course). Here is an entity which knows what you want and how much money you have; it will be able to sell you exactly what you can afford.

Facebook for now is selling ads on your time line. Once it is your bank, it will become your store as well. No other online retailer knows so much about you as Facebook does. Welcome to the Facemart world.