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https://lnkd.in/efh2iuG
Effective URL:
https://www.pymnts.com/news/social-commerce/2021/facebook-heightens-digital-wallet-contest-with-0-pct-revenue-share-unt...
Submission: On May 19 via manual (May 19th 2022, 7:50:00 am UTC) from IE — Scanned from DE

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   * Banking
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   * Connected Economy
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Social Commerce


FACEBOOK PAY AVAILABLE OFF FACEBOOK, STARTING WITH SHOPIFY IN AUGUST

By PYMNTS Listen to Article
Posted on July 14, 2021

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The cozy and consolidated universe of payment and digital wallet providers got a
little less comfortable on Wednesday (July 14) after social media giant Facebook
announced that its Facebook Pay service will, for the first time, be available
off of its own platform, starting with Shopify vendors in August.

The announcement marks the latest move by the California-based social media
giant that will tighten up the competition within the lucrative payments sector.

According to a statement from the company that was founded by billionaire Mark
Zuckerberg, the move marks the latest revision toward facilitating monetary
transactions, and follows a previous move in June to enable them at a deeply
discounted rate compared to rival offerings from Apple, Google and PayPal.

Facebook’s two-pronged attack to gain digital wallet market share consists of a
previously announced zero percent revenue sharing structure until 2023, as well
as the new pitch to get more outside merchants to offer Facebook Pay as an
option at checkout.

“Starting this August, businesses in the U.S. who use participating platforms
will have the ability to enable Facebook Pay as a payment option directly on
their websites, giving their customers the ability to speed through checkout
without having to re-enter their payment information,” the company said, noting
its intentions to expand the service to more platforms and payment service
providers over time.

Last month, Zuckerberg hinted at his intentions to grow Facebook Pay via a post
that teased an upcoming revenue share agreement that would be “less than the 30
percent that Apple and others take.”

The discounted payment platform was also touted as a way to “help more creators
make a living on our platforms” by keeping paid online events, fan
subscriptions, badges and upcoming independent news products free for creators
until 2023.

While Facebook Pay is still only used by a small fraction of the consumers who
currently buy goods and services in-store and online with Apple Pay or Google
Pay, the social media giant’s 2.8 billion monthly active users is a formidable
base from which to grow its newest revenue stream.

For now, Facebook’s payment system upgrades are focusing on providing a fast and
secure checkout experience that is appealing to both consumers and vendors.

“Facebook Pay is designed to help businesses drive conversions higher by giving
customers a low-friction and mobile-friendly way to pay online,” the company
statement said, noting that payment details would be encrypted and securely
stored, and there would no longer be a need for businesses to manage customers’
card or bank account numbers.

——————————

NEW PYMNTS DATA: THE TRUTH ABOUT BNPL AND STORE CARDS – APRIL 2022



About: Shoppers who have store cards use them for 87% of all eligible purchases
— but this doesn’t mean retailers should boot buy now, pay later (BNPL) options
from checkout. The Truth About BNPL And Store Cards, a PYMNTS and PayPal
collaboration, surveys 2,161 consumers to find out why providing both BNPL and
store cards are key to helping merchants maximize conversion.


Related Items:Digital Payments, digital wallets, Editors' Picks, Facebook, News,
Retail, social commerce
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www.pymnts.com Open in urlscan Pro 192.124.249.10 Public Scan

Form analysis 2 forms found in the DOM

GET https://www.pymnts.com//

POST https://static.mailerlite.com/webforms/submit/l9c2d6

Text Content

www.pymnts.com Open in urlscan Pro
192.124.249.10 Public Scan

Form analysis
2 forms found in the DOM