Comments
Facebook Mobile Payment Service A Tough Sell
Oldest First  |  Newest First  |  Threaded View
6 one way half a dozen another
50%
50%
6 one way half a dozen another,
User Rank: Strategist
4/16/2014 | 4:33:50 AM
Facebook not secure
You are right, Kristen. I don't trust Facebook because I don't believe that they can keep my info secure. I've followed stories in the recent past about how their awkward privacy settings unwittingly exposed users hidden information. Combine that with their past of making privacy policy changes that default the private to public and I wouldn't blame anyone for turning up their noses to this project. I only gave Facebook the required info and nothing more. All the blue dinosaurs in the world won't convince me that they can be trusted.

Plus, nobody gets to monetize my financial records for online advertising.
Kristin Burnham
50%
50%
Kristin Burnham,
User Rank: Author
4/16/2014 | 10:20:45 AM
Re: Facebook not secure
I'd wager that many people share your same thoughts. I do wonder, though, whether the rate Facebook would charge for the transfer would sway users away from traditional transfer services (Western Union, etc.) if it were cheaper. Given Facebook's growing userbase in developing countries, that could be a strong motivator.
Lorna Garey
50%
50%
Lorna Garey,
User Rank: Author
4/16/2014 | 11:14:52 AM
Re: Facebook not secure
Also, the security question becomes somewhat moot if Facebook guarantees that users will not lose money to fraud. A very low cost or free ability to transfer funds + protections comparable to what CC carriers offer will get it some customers.

Say you go to dinner with a few FB friends. One person could pay for the meal, and the others could use the service to transfer their shares of the cost, as opposed to having the server split a bill among cards or carrying cash. I can see it.
6 one way half a dozen another
50%
50%
6 one way half a dozen another,
User Rank: Strategist
4/16/2014 | 4:06:34 PM
Re: Facebook not secure
Yes, I believe that in developing countries it may have an advantage that other companies will lack. I also am not as worried about fraud per se, but about their glitchy systems that inadvertantly expose information followed by their "whoops, our bad" attitude about the glitch. Zuckerberg can give all of the interviews he wants, but actions speak louder than words. Currently, Facebook actions say "we've really screwed up in the past, but we're more concerned about our monetization capabilities than with our users' experiences" (i.e. if I "like" a page, I want to see those posts whether or not I "interact" with them; one can't choose to "interact" if not given the post in the first place).
emilyrobins
50%
50%
emilyrobins,
User Rank: Apprentice
4/22/2014 | 7:59:24 PM
Re: Facebook not secure
FB Ad revenues grew in the last six consecutive quarters as the social media website leveraged its growing popularity to charge higher rates per ad. 
6 one way half a dozen another
50%
50%
6 one way half a dozen another,
User Rank: Strategist
4/25/2014 | 1:48:44 AM
Re: Facebook not secure
That is true, but entirely irrelevant to any comment I or anyone else in this thread has made. It also does not address the point of whether Facebook can be trusted with our financial information, just that it knows how to make money.
catvalencia
50%
50%
catvalencia,
User Rank: Apprentice
6/28/2014 | 6:47:43 AM
Re: Facebook not secure
Couldn't agree more with you. I don't think Facebook is trustworthy enough in handling financial transaction. I believe this is just one way for social media platforms to accumulate our private information, which is quiet brthering fr me. I'll still prefer Paypal or Google Wallet than this Facebook mobile payment service.


The Business of Going Digital
The Business of Going Digital
Digital business isn't about changing code; it's about changing what legacy sales, distribution, customer service, and product groups do in the new digital age. It's about bringing big data analytics, mobile, social, marketing automation, cloud computing, and the app economy together to launch new products and services. We're seeing new titles in this digital revolution, new responsibilities, new business models, and major shifts in technology spending.
Register for InformationWeek Newsletters
White Papers
Current Issue
InformationWeek Tech Digest - August 27, 2014
Who wins in cloud price wars? Short answer: not IT. Enterprises don't want bare-bones IaaS. Providers must focus on support, not undercutting rivals.
Flash Poll
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Howard Marks talks about steps to take in choosing the right cloud storage solutions for your IT problems
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.