The company is aiming to boost user engagement, particularly with its Messenger service, after Facebook lost more than $120 billion ins market value in a single day earlier this summer.
Facebook's person-to-person payments capability inside Messenger ranked below similar offerings from Square Inc., Apple Inc. and PayPal in a review from Consumer Reports on Monday.
Facebook has reportedly asked a number of USA banks to share their customers' personal financial information, as the social media giant strives to recapture major losses in user engagement following the Cambridge Analytica scandal.
Facebook told the paper that any financial information it obtains would not be shared with third parties or used to target advertisements. I reached out to Facebook for comment and will update this post if I hear back.
Facebook is now discussing partnership ideas with firms like Citigroup Inc., Wells Fargo, and JPMorgan Chase, but the Cambridge Analytica incident has reportedly caused at least "one large US bank" to pull out of the talks.
Shares of Facebook are up just 0.3% since the beginning of 2018 thanks to massive selloffs in March following the Cambridge Analytica saga and another rout last week following a disappointing quarterly earnings report.
Deputies looking for suspect in lemonade stand armed robbery
He added, "It's pretty low, despicable in my book and I can't believe someone would stoop that low to steal money from him". David Smith was selling cool drinks in his North Carolina housing development to raise money for his landscaping business.
People familiar with the matter told the Journal that Facebook has considered a feature that would show its users their account balances while it also pitched fraud alerts.
A Facebook spokeswoman said the company could see some financial information from such users if they choose to opt-in, but did not use it for "advertising or anything else".
According to WSJ, Alphabet (Google's parent company) and Amazon have also been in talks with the banks about sharing their customers data to use it to improve digital assistants, such as Google Assistant and Alexa, respectively.
The dust surrounding the Cambridge Analytica data privacy incident still hasn't fully settled, but Facebook is already looking for additional ways to get its hands on user data. (FB) is seeking to acquire financial data on its users.
Messenger can be used by businesses to help people keep track of account information such as balances, receipts, or shipping dates, according to the social network.