Facebook has long been trying to find ways to cater to advertisers, because at the end of the day, profitability is what’s most important to the majority of social networks. Companies like Facebook, Twitter, and Snapchat are always looking for ways that their brands can be monetized, generally through working in creative ways with advertisers. All three of these social networks made announcements this week that have implied that they are making more pushes towards swift mobile payments.
Facebook has tried with varying degrees of success to find ways to benefit their advertisers by coming up with interesting ways for users to be able to purchase items directly from Facebook. They launched Facebook Gifts a long while back and followed that up with gift cards. Their newest endeavor appears to have arrived in the form of a ‘Buy’ button that appears on the News Feed of Facebook users and allows them to purchase products directly through Facebook, rather than being redirected to another page via the advertisement.
Currently, the ‘Buy’ button remains in the testing phases and is only available for a “few small and medium-sized businesses in the US” while Facebook continues to evaluate customer feedback. They have made statements saying that these features have been developed with privacy in mind and that privacy should not be something anyone has to worry about with these transactions. Credit and debit card information used for these Facebook-based transactions will not be shared with other advertisers and users can choose whether or not that information is saved for future purchases. The ‘Buy’ button began appearing in the web and mobile versions of Facebook last Thursday.