Facebook Unites Payment Service Across Apps With Facebook Pay (reuters.com) 15
Facebook said on Tuesday it was launching Facebook Pay, a unified payment service through which users across its platforms including WhatsApp and Instagram can make payments without exiting the app. From a report: The social network said the service would allow users to send money or make a payment with security options such as PIN or biometrics on their smartphones. Chief Executive Officer Mark Zuckerberg said earlier this year the company is planning to unify the messaging infrastructure across its platforms. He said the company would encrypt conversations on more of its messaging services and make them compatible as direct messaging was likely to dwarf discussion on the traditional, open platform of Facebook's news feed in a few years. Facebook said the new service will collect user information such as payment method, date, billing and contact details when a transaction is made and that it would use the data to show targeted advertisements to users.
Yet another reason... (Score:4, Insightful)
Re: (Score:2)
....not to join FaceBook.
Be thankful you're still allowed to have a choice in the matter.
Sadly, I doubt it will last.
Re: (Score:2)
"Still" being the keyword here...
What problem (Score:2)
...does this solve?
Re:What problem (Score:4, Insightful)
It helps solve the problem of Fuckerberg not owning the entire fucking word's economy just quite yet.
Re:What problem (Score:5, Insightful)
Its a competitive move. In China, everything takes place over chat, and top Chinese messaging app WeChat has payments integrated. WhatsApp has been historically popular in other parts of Asia, but WeChat is starting to move in there, and they are bringing payments with them. It might not make much sense in the West, where we don't use chat in that way, but Facebook is seeing the threat in other established markets and responding to it. Instagram isn't so obvious, but I guess they think they can make a wallpaper market take off like ringtones did back in the day.
Re:What problem (Score:4, Interesting)
Its a competitive move.
It won't help much, because you know why WeChat has been spreading to other parts of Asia? Chinese tourists.
Practically every Chinese tourists have WeChat on their phone, China also have restrictions on exchanging foreign currency. Adding up the two, you get a lot of Chinese tourists that would prefer paying by WeChat instead of foreign cash, and often don't have enough cash. Not to mention they buy LOTS of things.
So any store in tourist district that do not accept WeChat payment is driving customers to the next store that accepts it. So it came as no surprise to see more and more stores accept WeChat pay, and that spread to other districts. Next, unless the local already have a strong presence of mobile payment, the locals would suddenly find WeChat accepted everywhere and the network effect takes over.
So, unless, there is a flood of American tourists bringing Facebook payment to Asia buying lots of stuff, no one there would be using WhatsApp or Facebook payment any time soon.
enough is enough (Score:3)
we really do not need another payment service, especially from a company that allows third parties to steal data.
Wow! WeChat style payments on Facebook...! (Score:2)
Glad to be off FB. (Score:1)
Not only will I not be accepting it (Score:2)
Re: Not only will I not be accepting it (Score:1)
deja-vu? (Score:2)
where have i read this before? facebook wanting to get into the payment business so it would be easy to handle payments across all their services.
oh yeah, libra coin, except they got a big backlash, so now they'll just introduce it in little steps.
this being step 1.