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Lewis Moulds

Facebook Working on Mobile Payments

fac£ebookSocial media behemoth Facebook is testing a new feature which will allow users to make payments when shopping on mobile.

The all new Facebook mobile payment feature will automatically fill in order forms when users make purchases on mobile, and will do so when users add payment details to their Facebook account information.

While many companies are working hard to grab a piece of the mobile payment action, Facebook’s work differs because they’re not looking to poach the payment processing service from a shopping app’s current provider. Instead, the feature will make the order process easier and quicker.

Better for the user, but also better for the retailer; and in return Facebook is likely to collect lots of helpful information regarding user’s shopping habits.

Facebook currently boasts more than a billion members, of which half log in every single day. This makes it a valuable advertising platform, and industry commentators believe that the new payment features will allow the site to track how many of its partner apps benefit from Facebook sales.

Manoj Menon, managing director of consulting firm Frost & Sullivan told BBC reporters that "Facebook does not want to remain just a platform for brand promotion and lead generation, but it wants to become the place where ecommerce deals actually happen".

So, the feature, like many others that Facebook have pursued, will demonstrate the effectiveness of Facebook advertisers.

But some analysts wonder whether users will be happy to trust their social network with their bank details. What do you think? Will you trust Mark Zuckerberg and pals with your bank deets? Or do you think less info the better?

If you have a business in the financial sector and would like to up your marketing game or receive some expert information about digital marketing for financial services, then get in touch with a member of our team!

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