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Facebook Mobile Payment Push Faces Big Hurdles
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afabbricino
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afabbricino,
User Rank: Apprentice
9/3/2013 | 11:38:35 PM
re: Facebook Mobile Payment Push Faces Big Hurdles
I'd have liked to see FB provide an additional payment method such as carrier billing. It has been proven to work time over time and I'm sure carriers would like to leverage that user base
Guest
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50%
Guest,
User Rank: Apprentice
8/16/2013 | 5:38:42 PM
re: Facebook Mobile Payment Push Faces Big Hurdles
I've seen WAY too many Facebook friends have their accounts hacked. So, no thanks.
Thomas Claburn
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Thomas Claburn,
User Rank: Author
8/16/2013 | 5:07:25 PM
re: Facebook Mobile Payment Push Faces Big Hurdles
I doubt Facebook will have much more success with payment than Google, which has struggled with Google Wallet.
kburg070
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kburg070,
User Rank: Apprentice
8/16/2013 | 5:02:35 PM
re: Facebook Mobile Payment Push Faces Big Hurdles
That is a very good point, thanks for the feedback.
Number 6
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50%
Number 6,
User Rank: Strategist
8/16/2013 | 4:55:53 PM
re: Facebook Mobile Payment Push Faces Big Hurdles
Consumers might distrust banks for their risky investment operations thanks to the repeal of Glass-Steagall, but know that their banking data... and money... is very secure.
Paypal took years to build up the high level of trust its users now have.
Facebook, on the other hand, has done nothing to build trust and has actually gone in the opposite direction. If it can't be trusted to keep data gleaned from my status posts to itself, do you think I'm going to trust it with my financial information? I'd sooner trust Number 2.
kburg070
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50%
kburg070,
User Rank: Apprentice
8/16/2013 | 4:44:24 PM
re: Facebook Mobile Payment Push Faces Big Hurdles
It's interesting that the big challenges identified are a) technical difficulty of developing the platform internally, b) FB users' distrust. While those are valid concerns, it seems to me the bigger challenges might be around the relatively slow uptake of mobile payments and mobile wallets in the US. There are numerous initiatives underway involving tech companies (including Google), banks, retailers and telecoms and none has caught fire yet. What is FB going to do that will cause the tipping point? Regarding FB users' distrust -- well, consumers' distrust of their banks hasn't stopped them from using bank products (cards, checking accounts, online/mobile banking, etc.).
David F. Carr
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David F. Carr,
User Rank: Author
8/16/2013 | 1:44:50 PM
re: Facebook Mobile Payment Push Faces Big Hurdles
Seems to me the issue is also the personality of the service. Facebook is for fun; consumers don't necessarily expect to do anything serious with it


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