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The Mechanisms in Facebook Payments

A vast majority of Facebook’s 500 million monthly users are logged on to Facebook Messenger with about 80 million payment cards on file. Facebook’s recently launched P2P payments system is currently built entirely around the Messenger platform. Facebook’s P2P payments begins as a conversation within the Messenger app. Then, with the press of the new $ icon and the entry of an amount, one can send money that will arrive on the recipient’s listed debit card within seconds. What is really interesting is that Facebook is offering a fee-free P2P payment service for several reasons. One of them is that every ad-tech company in the world, and all the large e-commerce companies in the world, want to bring A and B data sets together: “A” being the data they already have and “B” is the data they don’t have, but need badly to form a complete profile of the buyer/visitor/shopper. Now A could be demographic data (age, sex, etc.) and B could be the purchase history/POS data/online buying history. When you put these data sets together, you could provide a brand with answers that nobody else can and that’s why they would pay you top dollars. All the leading tech companies in this space are trying to achieve the holy grail of mashing different data sets to give better targeting to marketers.

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