Banking Services via Social Media Posted by Association of Vermont Credit Unions on 11:17 AM

PaymentSource.com reports on a survey by Cisco showing that nearly 30% of consumers say they might one day use Facebook for some type of banking service if it were offered. The May survey was conducted among 1,061 North American consumers. Here are some of the highlights:

• 14% of respondents said that if Facebook offered banking or payment services, they would consider using it with a prepaid account they could reload
• 8% said they would consider using a Facebook checking account or debit card
• 5% said they would consider a Facebook savings account or online bill-payment service.
• 4% said they would consider a line of credit from Facebook
• 1% would consider a mortgage
• 1% would use Facebook for all of their banking services.

Banks and credit card companies have a head start on alternatives like Facebook when it comes to consumers' preferred providers of mobile wallets:

• 24% said they would prefer to have a bank provide them with a mobile wallet
• 21% said they would prefer a credit card issuer or network like Visa, MasterCard or American Express to provide their mobile wallet.
• 11% said they would prefer a peer-to-peer payments provider like eBay's PayPal to provide their mobile wallet
• 4% preferred a mobile phone company like AT&T
• 3% opted for a technology company like Google

What consumers say they want from mobile payments is faster payment at checkout, one-click payments for online purchases and ability to automatically redeem coupons and special offers through phones when near a store.