With over 800 million users, Facebook accounts for more than 40% percent of the Internet population. In just a few years it is widely expected that Facebook will account for 60% of the Internet population. I attribute this to Facebook unusually high captivity and loyalty of its base. To put it in perspective, more than 50% of Facebook users log-in once a day. These are staggering statistics that denote the growing pre-eminence of Facebook and a sign of things to come; such will be the importance of Facebook that its relevance will grow beyond it social value, a core component of the Internet engine.

And speaking of signs, Facebook has the potential not only to have a growing share of voice, but also of your wallet. How you ask? Read on…

The success of Facebook connect (a set of APIs from Facebook that enable members to log onto third-party websites) which is fast replacing the conventional means of authentication is proof that a Facebook led service platform has a high chance of success. And the one that is expected to become the next killer app is an wallet service from Facebook, f-wallet in short.
Imagine if you could transact and purchase online with just your Facebook id. Your verified Facebook account acts as a top-up account replenished with any amount of your choice. This account becomes your virtual wallet that you can dip into anytime you wish to do an e-commerce transaction.

A possible implementation of the hypothetical f-wallet in future.

 What are the potential benefits of this system to the consumer?

• You could transact online without worrying about divulging confidential payment details.
• You could check reviews of the website (possibly a dynamic widget embedded in the website that has reviews and ratings about it) before you make a transaction.
• A more convenient, trusted transaction platform.

Then there is the distinct possibility of Facebook currency along the lines of “Second Life”. You can either earn it or buy it that can be used against virtual assets on Facebook.

But it may not be all smooth sailing for Facebook because they will have to invest tremendously in securing and creating a platform that offers the best protection against frauds, in short replicate what a PayPal is, or even better. All this however may spell trouble for payment gateways and fulfillment services, literally taking the wind out of their sail.
It could also be a radical change, transforming the way we do commerce.