Facebook’s Payments Plans

When it comes to payments, I don’t think the social network wants to take on the risk of further establishing its digital currency, Facebook Credits.

So what does it want?

Facebook wants to gain transaction data to bolster its advertising business. And it wants to strengthen its core product, the social network, to bring more users to Facebook, more frequently.

Some of its other recent acquisitions suggest as much. In mid-April, it acquired the mobile rewards company TagTile. This San Francisco outfit offers merchants a cube-shaped device that people tap their phones against to get loyalty offers.

In the end, Facebook just wants to know everything about you. Payments happen to be the best way for consumers to show they really “like” a product.

You can read the rest of my @BankThink piece, here.  And some of my past coverage, here. 

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