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Facebook’s Big Payments Hint

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Facebook notifications might soon not be just about new messages, updates and pokes, but also for money sent and received.

A few weeks ago, iOS developer and Stanford University computer science student Andrew Aude tweeted a screenshot hidden in Facebook’s messenger app, which fed the rumor mill about Facebook’s plans to tighten its claws around the payments ecosystem, according to a report.

Today, an update to its privacy policy, which now includes rights to collect data like credit card details and purchases, has further made it clear that Facebook is game to lock horns with other payment products like Google Wallet and PayPal.

The new payments policy states, “If you use our services for purchases or financial transactions (like when you buy something on Facebook, make a purchase in a game, or make a donation), we collect information about the purchase or transaction. This includes your payment information, such as your credit or debit card number and other card information, and other account and authentication information, as well as billing, shipping and contact details,” according to recode.net.

While Facebook’s popularity might be on the decline, development of new payment products to feed its revenue stream would definitely help keep the company’s coffers full, which until now have been heavily dependent on revenue from advertising.

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Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

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