Facebook Hopes to Cash In On New Payment Options


 

When it comes to business, money talks. And for Facebook, it’s no different.

Facebook has announced major changes to how users can make payments on services without leaving the site. After struggling on Wall Street, the social media giant is making a statement that it's serious about becoming a money-making machine for itself and for other brands.

From a communications perspective, marketers will have an opportunity for their products to be seen and hopefully purchased on a global site. This may motivate brands to invest more resources into their Facebook presence and perhaps lessen the importance of their own Web sites. Facebook hopes its new changes will draw companies in and convince them to sell their products directly from its site. The result, in addition to boosted revenue, would keep users on the site longer and will allow for data about what they buy to be monitored and analyzed. The new payment services, which will support pricing in local currencies, replaces the current currency option, know as Facebook Credits, which is primarily used to buy goods in FarmVille and other virtual games. The changes will begin in July and will also be available on mobile devices.

Follow Jamar Hudson:
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