Facebook is reportedly testing a mobile payment platform for third-party mobile apps. The system will store credit card information so that when a user wants to make a purchase on a mobile app, the platform will charge transactions with PayPal or other providers such as Stripe or Braintree. In a statement, the company explains:
“We are working on a very small test that gives people the option to use their payment information already stored on Facebook to populate the payment form when they make a purchase in a mobile app. […] It will be a very small test with 1-2 partners. Additionally, this test does not involve moving the payment processing away from an app’s current payments provider, such as Paypal. We continue to have a great relationship with our payment processing partners, and this product is simply to test how we can help apps provide a simpler commerce experience.”
As stated, the goal of the new feature is to make it easier for people to make payments on third-party mobile apps by eliminating the need to enter credit card information for each new purchase. Instead, users would simply click a Facebook button, just as many already do to verify their identities on a variety of websites and apps. With mobile users making up 78% of Facebook’s 128 million daily US users, it seems as though there is a large market for such a platform.
Simpler payments may mean higher conversion rates for advertisers and app developers as well — by eliminating a step in the purchase process, this update could have a positive impact on sales.
As always, our team will have an ear out for the latest and greatest updates in social media. Stay tuned!
Fifty & Five
Twitter Lead Generation
As social marketing has grown, companies have found that it’s one thing to gain likes and followers and another thing to turn those fans into actual customers. Twitter‘s new Lead Generation card could be a powerful tool in the social media marketing arsenal. Basically, Twitter’s Lead Generation card allows businesses to embed a landing page within a tweet. Let’s say that you wanted to offer a 50% off deal to new customers. Send out a tweet to that effect and add a lead generation card to your tweet. When potential customers expand the tweet, they see the details of the offer and a button that allows users to instantly send their info to the company. The tool pulls info from users’ Twitter profiles, so there’s no form to fill out — all it takes is one click for users to connect with a company. Businesses can then feed the data into their existing lead generation software or CRM tools. It’s an easy, frictionless way to find leads and grow your customer contact database.
What’s Trending in Social Media
5 Million Porche Fans Design Facebook Car
Thanks to a Facebook promotion celebrating 5 million likes on Porche’s page, each and every fan was able to contribute to the design of a fan version of the 911 Carrera 4S. Since the initiative began in February, the German auto manufacturer has built a car according to fan specifications and is running a promotion inviting one fan to actually test drive the vehicle. Porsche started by asking “the best expert panel in the world: our fans” to choose an exterior color. The post resulted in nearly 16,000 likes and 1,200 comments, with Aquablue Metallic winning the most fan support.
Tweet Boosts Apple’s Stock Price by 3%
This past week, we got a lesson in the power of Twitter, the power of Carl Icahn, or both. A single tweet on Tuesday by the billionaire hedge-fund manager boosted the stock price of Apple, the biggest U.S. company by market capitalization, by 3 percent in a matter of minutes. The stock, which was already about two percent higher on the day, jumped almost immediately after the tweet, and the 3% increase was worth about $10 billion in market value.
New LinkedIn Intiative Targets Teens
As of Sept. 12, the age-18 minimum for LinkedIn membership will change to 14. The new initiative centers on specially-designed pages for universities — in addition to all the usual fare such as campus news, photos and financial-aid facts, LinkedIn will provide lots of unique data about alumni career paths, as well some help in reaching out to individual graduates. Late last week, LinkedIn’s higher education evangelist, John Hill, offered previews of new LinkedIn pages for Carnegie-Mellon and New York University.