Shopify introduces Facebook Pay, a new payment method is coming

On July 14, social giant Facebook announced that its Facebook Pay will provide payment services for the Shopify platform starting in August. This is the first time that the company has provided payment and transfer services for platforms other than its four major applications (Facebook, Messenger, Instagram and WhatsApp).

The announcement officially kicked off the social media giant from California to participate in the market share competition in the field of electronic payments. This is another move by Facebook, founded by Mark Zuckerberg , after Facebook Pay reduced its transaction fee in June to compete with Apple, Google and Paypal!

Facebook Pay strives for perfection with meticulous craftsmanship !

Facebook said, "Starting in August this year, businesses in the United States that use relevant partner platforms will be able to enable Facebook payments directly on their websites, eliminating the cumbersome process of repeatedly entering payment information and giving customers a faster and more convenient payment experience."

The editor learned that the current upgrade of Facebook's payment system is mainly focused on providing consumers and suppliers with a more convenient and secure payment experience. The relevant person in charge stated that Facebook Pay aims to provide customers with a mobile-friendly online payment method, and particularly emphasizes that payment details will be encrypted and securely stored, and companies no longer need to worry about managing customers' bank cards and account information.

The leader is taking a two-pronged approach to development, which is quite interesting!

It is reported that Facebook has taken a two-pronged approach to compete for the electronic wallet payment market share. The first is the previously proposed marketing plan of not making a single cent of profit before 2023, and the second is to work hard to promote external merchants to provide customers with the option of Facebook Pay at checkout.

We can learn from the post that as early as last month, Zuckerberg hinted at his intention to develop Facebook Pay on his social account . He said that in order to help creators seek better development through its platform, it will provide free online events, fan subscriptions, badges and upcoming independent news product services to creators before 2023, and pointed out that Facebook's revenue commission will be lower than the 30% of Apple and other service providers.

Although the vast majority of people are still using Apple Pay and Google Pay, and consumers using Facebook Pay are still only a small fraction, the social media giant's 2.8 billion monthly active users cannot be underestimated, which is a unique advantage for it to promote its own payment methods.

There is no doubt that over time, Facebook will provide payment services to more platform merchants around the world. At the same time, the emergence of new competitors will also prompt the existing Apple Pay and Google Pay to make new reforms and innovations. Ultimately, consumers' shopping and payment experience will be greatly improved.

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