Facebook will rather partner for payments and cards solutions

Thursday 30 October 2014 11:40 CET | News

Facebook owner Mark Zuckerberg has revealed plans to partner with card companies and PayPal rather than building its own system.

Speculation has mounted recently that Facebook could break into the payments market. The company has started the trial for a buy button that enables users to purchase products advertised on the social network and could also introduce P2P payments within its messenger application.

However, the company’s Q3 2014 earnings results show that payments still makes up just a small slice of revenues, USD 246 million, a 13% year-on-year increase but still small compared to the USD 1.8 billion advertising generated.

Zuckerberg said that payments are important because they help advertisers close sales, but the company has thought about them as something they are going to partner with other companies on to enable great solutions, rather than trying to compete and do it as a business.

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Keywords: Facebook, payments , cards solutions, P2P payments, online payments
Categories: Payments & Commerce
Countries: World
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