Deepa Seetharaman:

That hasn’t assuaged concerns about Facebook’s privacy practices. Bank executives are worried about the breadth of information being sought, even if it means not being available on certain platforms that their customers use. It is unclear whether bank customers would need to opt-in to the proposed Facebook services or what other privacy protections might be offered.
 
 JPMorgan isn’t “sharing our customers’ off-platform transaction data with these platforms, and have had to say no to some things as a result,” said spokeswoman Trish Wexler.
 
 Banks view mobile commerce as one of their biggest opportunities, but are still running behind technology firms like PayPal Holdings Inc. and Square Inc. Customers have moved slowly too; many Americans still prefer using their cards, along with cash and checks.
 
 In an effort to compete with PayPal’s Venmo, a group of large banks last year connected their smartphone apps to money-transfer network Zelle. Results are mixed so far: While usage has risen, many banks still aren’t on the platform.
 
 In recent years, Facebook has tried to transform Messenger into a hub for customer service and commerce, in keeping with a broader trend among mobile messaging services.
 
 A partnership with American Express Co. allows Facebook users to contact the card company’s representatives. Last year, Facebook struck a deal with PayPal that allows users to send money through Messenger. Mastercard Inc. cardholders can place online orders with certain merchants through Messenger using the card company’s Masterpass digital wallet. (A Mastercard spokesman said Facebook doesn’t see card information.)