facebook payment system

Buy and Sell Coming to Social Media Soon

Twitter and Facebook who are the big guns callings shots in the social media arena, are looking to e-commerce as the newest battleground.

Twitter announced in a blog post last week that it had agreed to acquire CardSpring, a mobile payments infrastructure company that allows merchants to offer deals to consumers that can be loaded onto to their credit cards. When the card is used to pay at the store, the coupon is automatically applied.
If you see a retailer’s tweet promoting a particular product and want to get the deal, you might soon be able to click a button or send a reply to simply add the discount to a stored credit card—without leaving Twitter’s site or firing up another app.

For the last couple of years, Twitter and American Express have offered AmEx cardholders the ability to load various discounts onto their cards through tweets. The next logical step would be to allow users to click to buy a product, an idea that Twitter is also exploring, potentially with the payment processing company Stripe. A Twitter spokesman declined to comment on the imminence of a buy button, but in its blog post about CardSpring, the company teased, “We’ll have more information on our commerce direction in the future.”

We’ll have more information on our commerce direction in the future.

Facebook buddies are not being let behind either. Facebook is testing a “buy” button placed on adverts for products which would allow users to purchase products directly from the ads without leaving the social network.

While using it, the button will be visible from adverts on the desktop and mobile app versions of Facebook, as well as product page posts from brands, and connect the user directly with the retailer.

“We’ve built this feature with privacy in mind, and have taken steps to help make the payment experience safe and secure,” Facebook said in a blog post. “None of the credit or debit card information people share with Facebook when completing a transaction will be shared with other advertisers, and people can select whether or not they’d like to save payment information for future purchases.”

This features may work perfectly for Developed countries but back home its not going to be a major force until our market online is set up properly.