In its latest move to compete with the likes of Google, Amazon, and eBay, Facebook has revealed its intentions to create its own payments service. The would-be extension of Facebook e-commerce would serve as a Western Union-type of international cash transfer feature. Amid past snags and failed experiments, many are cautious about the social network’s new plan.
Past Facebook E-Commerce Failures
While billions of people around the world use Facebook as a social network, CEO Mark Zuckerburg is constantly looking for ways to improve his site and what it can do for its followers. However, Facebook e-commerce is tied to a string of continual failures—most notably Facebook Deals, Facebook Offers, and Facebook Gifts, all of which have discontinued service. The California-based company currently employs only one form of e-commerce that actually works—Facebook app purchases.
Given Facebook’s troubled history with e-commerce and payments, many are wondering if this is the right move for them to make.
Could Facebook Payments Actually Succeed?
The answer to this question is still shrouded in mystery. Business Insider reports that Facebook is currently working with Irish bank regulators to obtain a license to become a cash transfers and remittances company. Experts believe this would allow Facebook to enter the {cms_selflink page=”mobile-e-commerce-trend-is-growing” text=”mobile payments”} industry—which is currently experiencing huge growth—more easily. Since millions of people around the world primarily use Facebook’s mobile app, the possibilities would be endless.
This would propel Facebook e-commerce into the mainstream. Along with eBay’s PayPal and Google Wallet, Facebook would have more clout among the big four—eBay, Google, Amazon, and Apple.
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