2 Big Benefits of Facebook's New Payments Platform

Facebook (NASDAQ: FB) has made several new products focused on shopping over the last couple years. Facebook Marketplace is increasingly popular, and Instagram is practically a shopping app now.

Now, Facebook is taking another step forward with the introduction of Facebook Pay. Facebook Pay enables users to set up payment information in one of its apps, and use the same information across the family of apps to send money to friends or pay for goods and services.

Facebook has dabbled in payments before. It offered the ability to send money to friends through Messenger in the U.S., and it's working on peer-to-peer payments through WhatsApp in India. Facebook Pay represents a complete overhaul of payments, using a single platform for the service across the family of apps. It should improve commerce on Facebook's family of apps in two ways: by decreasing the amount of friction between discovery and purchase and by providing better advertising data for marketers.

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Source Fool.com