BagOfCash 268x300 Worlds First: Social Network to Launch Mobile PaymentsIt wasn’t two weeks ago that I discussed the potential for social networks to become banks. Today Hyves, the biggest Dutch Social Network with over 60% of the population in its database, announces it is going to launch mobile payments. This is significant primarily because Hyves becomes the first social network in the world to accept mobile payments.

Hyves users will be able to transfer money to one another without any transaction costs, and the company aims to earn money from commercial transactions between companies and its users.

This is great news for the Dutch and will hopefully inspire global social networks, such as facebook, to follow suit.