The Next Web

World’s First: Social Network to Launch Mobile Payments

By Patrick de Laive
September 18, 2009
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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.


  • Of course Chinese social networks have been doing mobile payments for a while now. Congratulations to Hyves (go Dutch!), but unfortunately not a world's first.
  • Sounds very interesting! But do they (or any other social network) need to get a Bank License to do this? I am not quite sure in this.
  • Nope, they are actually doing this in cooperation with a bank, the Rabobank
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