Facebook Pay: yay or nay?
Facebook’s bid for world domination levelled up this week with the announcement that Facebook Pay would shortly be rolling out to users in the US, with the intention of the service going global over time. Facebook Pay will be enabled within Facebook and also Instagram.
We’ve all been there, we’re mid-scroll and that display ad that’s been following us around the internet for a week finally leads us down a rabbit hole of temptation and we make the purchase. But it won’t be long before you don’t even need to get to the site of a brand before you hand over your hard-earned cash.
By activating Facebook Pay, you’ll be able to see it and buy it then and there, making impulsive purchases that little bit more seamless.
But what does that mean for brands?
For cheaper purchases (we’re talking a dress on ASOS, not a diamond ring. Unless you’re feeling VERY spendy), it’s a quick win. The quicker and easier it is to make that purchase, the better for businesses who want customers to buy before they have the chance to reconsider. And for smaller companies, it makes the process easier as customers might feel more comfortable handing over their card details to a big corporation like Facebook rather than a smaller, unknown website.
When it comes to your friends, with Facebook Pay, you’ll be able to send money to friends who also have the service enabled, meaning you’re only one Facebook message away from being chased on the cash you owe. (Not a bad thing, we always have that one mate who never seems to cough up).
And then there are Facebook fundraisers – donating to charities directly through Facebook Pay. At present, Facebook hasn’t specified if such charitable donations will be direct to the charity or will incur a fee to the platform.
As for whether it will it be a hit… Facebook has made the headlines on more than a few occasions for data breaches, so will users be happy handing over their card details?
Facebook’s largest demographic, the 18-30s, tend to be more conscious with their online spending habits than previous generations, so the company will have to work hard to rebuild trust with its users if Facebook Pay is going to be a success. However, if it does take off, then it could really put Facebook ahead of the game within the social landscape.
Only time will tell whether it flops or flies, but personally, I’ll be sticking with Monzo for now!
Written by:Lizi Lege Communications Manager
Category:What we think
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