Google and Facebook Invade Banks’ Turf

Both Google and Facebook are getting into areas that once was the private domain of the banks.  Do you think the banks should worry?

Facebook Inc. and Google Inc. are poised to go head to head with established financial services companies in online payments.

Both Internet companies have developed alternative payment networks that observers say could undermine the scale of dominant payments providers like MasterCard Inc. and Visa Inc.

The Google and Facebook payments initiatives are potentially a “major disruptor to existing payment systems that have been so established for such a long time,” said Jacob Jegher, a senior analyst at the research firm Celent.

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