How will the latest Facebook update affect you?

As most of you would have logged on to Facebook today, you would have received a notification stating an update to the social networking service’s terms, data and cookie policies. Here’s a brief synopsis of this update:

Location information: Facebook is changing the way you check into your favourite places. So the next time you share your location, a restaurant or a movie theatre, Facebook will throw up similar suggestions in the area you are in as well as options from your friends who are in the area. This feature, called Nearby Friends, is currently available only in a few regions.

Online purchases: A Buy button, which is currently in the testing phase, is soon going to be introduced.

Privacy information: Facebook have redesigned the way you can access their privacy tips and have also simplified their Data Policy.

The Facebook family of companies: You can access Instagram or Whatsapp from your Facebook account if you ever lose access to those accounts. “We may share information about you within our family of companies to facilitate, support and integrate their activities and improve our services,” Facebook states.

Advertising: Facebook now gives its users more control over what ads they choose to see. Users can do so via the Digital Advertsing Alliance, but this is only available to users in the US, Canada and Europe.

These updates will come into effect on 1 January 2015.