On yesterday’s podcast, I mentioned that Facebook was launching a PayPal competitor as reported by AllThingsD. Turns out, not so much.
But, what they are doing is really interesting all the same.
TechCrunch clears up the confusion noting Facebook’s payments test is a companion that fills in billing info. Key story highlight:
” The feature pre-fills credit card and billing info for making easier purchases through PayPal, Stripe, Braintree or other payment processors in third-party mobile apps. It’s not a payment processor itself, but could help Facebook prove the ROI of its ads.” [Emphasis mine]
Now, clearly there’s a need for this kind of app. I’ve mentioned before how poor usability hurts the growth of mobile.
But the bigger trend, one I’ve mentioned in the past is that “he who owns the data, owns the customer.” (You can read more about that in my presentation on where marketing and online distribution are headed below):
You’d think Facebook would love to get a piece of the highly profitable payments pie. But this move shows where they believe the real value lies.
If you’re interested in learning more about the future of marketing on the social, local, mobile web, register to receive a special report I’ve produced in conjunction with hotel marketing firm Vizergy, “Digital Hotel Marketing in a Multiscreen World.” While it’s targeted specifically at hotel and resort marketers, the lessons apply to just about any business. You can get your free copy of the report here.
You might also enjoy some of our past coverage of the social, local, mobile web and what it means for your business, including:
- Today and Tomorrow: Mobile and the Changing Customer Journey
- What’s the Future of E-commerce? Look to the Past to Find Out
- How to Get In Your Customers’ Pants… Pocket
- What Watson, Xbox, and Google Are Telling You Right Now (Travel Tuesday)
- The Truth: How the Social, Local, Mobile Web Affects Sales Online and Offline
- 7 Steps to E-commerce Heaven
- 4 Amazing Global Internet Trends