What Happened
Facebook again shows its ambition in conquering social commerce with a new trial that launched in Thailand. Working with local fin-tech company 2C2P, Facebook integrated their digital payment product Qwik into its platform to enable users to pay for products listed on Facebook Pages without leaving the social network. Users will be able to complete purchases with a credit card, debit card, or even online bank transfer online with just a few clicks. Multiple sources in Thailand’s ecommerce space reported that Facebook is planning to roll out the trial to other countries in Southeast Asia over time.
Why Brands Should Care
Facebook has been working on incorporating payment solutions into its platform for a few years now, most recently adding a payment product to its Messenger app to allow users to link their debit card to the messaging app and send payments to their friends by striking up a conversation. This new trial reveals Facebook’s plan to keep the payment process entirely on its platform. Whereas Twitter has all but given up on its Buy Button, Facebook still seems to be rather confident in building out its commerce features and making its platform more business-friendly. Any brands that wish to sell directly on social platforms should heed Facebook’s developments in this domain.
Source: TechCrunch