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This article was published on September 18, 2009


    World’s First: Social Network to Launch Mobile Payments

    World’s First: Social Network to Launch Mobile Payments
    Patrick de Laive
    Story by

    Patrick de Laive

    CPO and co-founder, TNW

    Patrick de Laive is an experienced entrepreneur and daddy of Bo and Denne. He is co-founder of TNW and sporadicly invests in startups. He is Patrick de Laive is an experienced entrepreneur and daddy of Bo and Denne. He is co-founder of TNW and sporadicly invests in startups. He is a frequently asked speaker at (tech) events across the globe. Check his LinkedIn profile and @Patrick on Twitter for more information.

    It 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.