Facebook is testing a payment product that will allow users to supply their Facebook login to make purchases on mobile apps, according to All Things D. It’s predicted Facebook has a few million users’ billing information, from users that have purchased Facebook gifts, played Farmville, etc. The social media giant is looking to partner with eCommerce apps to ease the mobile checkout process for online shoppers. Essentially, users would not have to provide any billing info, just their Facebook login info, which would already have their credit card on record. The payment product is launching within the next month; Facebook is testing small groups of users for feedback in moving forward. Online clothing retailer Jack Threads will be the first to partner with Facebook; eCommerce sites that acquire numerous sales via mobile apps and already have strong relationships with Facebook will be best suited for the partnership. Facebook will of course track and analyze shopping habits based on user transactions.
This payment product will put them in competition with Paypal, Google, Amazon, among other payment processors. Facebook reportedly acquired $214 million from online payments in their last quarter, however, it’s questionable if users will hand over their credit card details to a social network. A spokesman from Paypal stated they are not threatened by Facebook’s new payment product and that they welcome the competition. Facebook denies trying to take out Paypal, stating they simply want to “help our app partners provide a simpler commerce experience.” Facebook, along with other payment processors, is looking to make the mobile shopping experience less of a hassle, recognizing putting in credit card information into a tiny mobile device can be annoying.
If Facebook pulls it off, your ads will have the potential to be clicked and your products purchased in minutes. Continue to optimize your Facebook ads – specifically for mobile – to be ready if this Facebook product payment takes off.
This payment product will put them in competition with Paypal, Google, Amazon, among other payment processors. Facebook reportedly acquired $214 million from online payments in their last quarter, however, it’s questionable if users will hand over their credit card details to a social network. A spokesman from Paypal stated they are not threatened by Facebook’s new payment product and that they welcome the competition. Facebook denies trying to take out Paypal, stating they simply want to “help our app partners provide a simpler commerce experience.” Facebook, along with other payment processors, is looking to make the mobile shopping experience less of a hassle, recognizing putting in credit card information into a tiny mobile device can be annoying.
If Facebook pulls it off, your ads will have the potential to be clicked and your products purchased in minutes. Continue to optimize your Facebook ads – specifically for mobile – to be ready if this Facebook product payment takes off.
