In this day and age, Facebook has become a huge entity in younger adults’ and children’s social lives. Businesses use it to connect to their customers. Family old and new link together to share lives. As the years have gone on, Facebook has developed to stay with the times. Private messaging, sharing from other sites and sources, adding a payment availability so you can buy credits and things for games that are played.
In the year of 2014, now they are trying to develop something very similar to Paypal. A way you can store money on Facebook and transfer the funds between friends. Like any website that stores financial and personal information, it can be a good and bad idea. there are going to be more people who respond to the idea then don’t, But is Facebook ready for this kind of ideal?
I feel like it’s something the public will have mixed reactions about. Some of the percentage of people will jump on it. Others will use strategies like not using their main credit card or main financial information. Others won’t participate at all and will try to boycott Facebook the second the first mistake is made. Even Paypal has had several instances where money went missing and no one could find it.
I believe they chose this strategy simply to keep up. Almost every electronic internet-connected website has some kind of financial system. a way to send and store money. Since Facebook has started, it has grown in how it handles that. So for them to implement their own mobile payment platform, puts them on the same line as those who have already done that, which makes them valuable competition again. Being valuable competition means you make a profit by competing with the other companies. Facebook is already one of the top websites used today. So to add an element like that could really change their abilities to do future updates, make more money, and provide more of what they feel those using their social networks want.