Facebook plans to make its Facebook Pay service available through other e-commerce platforms in a move that’s likely to rattle payment and digital wallet providers alike.
The social media giant hopes the move will help increase competition in an already fierce e-commerce payments marketplace.
Facebook plans to start rolling out the option from August, starting with vendors who use the services of the Shopify e-commerce platform. The expansion means that US customers will be able to purchase goods from Shopify-powered online outlets using the convenience of the Facebook Pay service.
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Shoppers should be able to see instant benefits from using sellers offering the option, with a Facebook Pay button allowing consumers to complete their purchases if they’ve got an already stored card or PayPal details on file. Facebook’s move will pitch it alongside the likes of other mobile and digital wallet services, such as Apple Pay and Google Pay.
Facebook Pay
Prior to the announcement, Facebook Pay has been pretty much Facebook-centric, with fans of it being limited to spending via Messenger, Instagram or WhatsApp. However, the latest move will open up Facebook Pay to a much wider consumer audience, as well as giving e-commerce businesses of all shapes and sizes a much-needed boost in the post-Covid trading landscape.
It’s another tweak to the concerted effort being made by Facebook to boost its e-commerce revenues. The company has recently added support for QR code payments, which will also help diversify its spending appeal. Facebook has expanded its Shops service too, allowing businesses to quickly and easily morph their standard business pages into fully-functioning e-commerce storefronts.
Other recent improvements have included powerful visual search functionality, which aids shopping via Instagram while WhatsApp has also seen a shopping button introduced into its arsenal of online selling tools.
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Via: Paymnts
