Emerging Payments

Facebook Adding Purchasing Power to Its Mobile App

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Facebook's latest update to its mobile app is meant to allow the social network's users to purchase physical goods as gifts from within the app.

The gifting feature adds an icon to users' pages to allow friends to purchase physical items to be shipped to the recipient. Though the notes provided with the app's update indicate the feature is live, Facebook still lists the feature as “coming soon” and the gifting icon isn't yet evident on users' Facebook pages. 

According to the app's help section, users can fund their gift purhases with a standard credit or debit card. Though Facebook is phasing out its “Credits” virtual currency, the company still requires sales made through the social network to go through its system. Facebook, which makes most of its money on advertising, draws a small but significant chunk of its revenue from payments.

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