In the first quarter, Facebook (NASDAQ:FB) generated $186 million from its Payments business. However, the bulk of it came from social gamemaker Zynga (NASDAQ:ZNGA), so Facebook clearly needs to find ways to expand the opportunity.

According to a piece in Fortune, it looks like the company is doing just that by making a move into online banking.

The effort is in the experimental phase. Facebook is partnering with Commonwealth Bank of Australia (NYSE:CBA) to develop an app that will allow users to make payments to businesses and even friends.

The project has the potential for a win-win. For Commonwealth, it can get find new customers and better engage with existing ones. As for Facebook, it should build another revenue stream and help to boost page views.

However, the thing to watch will be the privacy front. After all, banking customers above most will covet privacy and security — and Facebook has periodically flubbed in this respect over the years.

— Tom Taulli, InvestorPlace