Eager to expand into an emerging industry in its own right, Facebook is launching its own Facebook payment service.
The social network offers its users a comprehensive list of their friends and family, making it easier to manage any personal or professional transactions with them. As the service is only just rolling out, it will be limited to debit card information for the time being. This decision was made to limit the potential for fraud and avoid excessive fees charged by other peer-to-peer payment services, such as Venmo.
Zuckerberg notes, "The payments piece will be a part of what will help drive the overall success and help people share with each other and interact with businesses. But we’re really focused on the interactions overall."
Social Network E-Commerce
The Facebook Payment Feature is Set to Launch
Trend Themes
1. Social Network E-commerce - Facebook payment feature is set to disrupt online shopping through its comprehensive list of users' friends and family.
2. Peer-to-peer Payment Services - Facebook payment feature's limited debit card information mandate challenges the industry's security protocols while setting a new standard.
3. Social Media Financial Services - Facebook payment feature's elastic reach paves way for a new frontier in financial services accessible only through social media.
Industry Implications
1. Social Media Companies - Facebook Payment Feature sets a Disruptive Innovation in the realm of online money transfer adjacent to the social media giant.
2. Fintech Companies - Facebook payment feature sets the stage for a looming battle against other Fintech giants in the industry.
3. E-commerce Businesses - The Facebook Payment Feature finds an expanding userbase with e-commerce businesses in transactions that are more manageable and secure.