Well, really they are looking to make it easier to get into the payments game which means, of course, more revenue. In case you haven’t noticed, there is not much altruism coming out of the Facebook group these days. Anything and everything Facebook does is about revenue. It’s the price you pay of being a publicly traded company.
AllFacebook tells us
The mobile payments product test Facebook confirmed last month is going live on a small scale Monday night, with pilot partner men’s apparel site JackThreads joined by photo-book provider Mosaic on the shopping application side and by payment processors PayPal, Stripe, and Braintree.
TechCrunch reported that the new feature, known as Autofill with Facebook, will begin appearing in the iOS apps for JackThreads and Mosaic Monday night, and all users who have their payment information stored on Facebook should have access by the end of the week.
The idea is simple. Make it easy to fill out payment information in the small screen world of the smartphone. You have probably suffered the trials and tribulations of trying to fill out a form on a smartphone. As soon as I run up against the need to fill out any form on my mobile device I breakout in hives. It’s a painful process.
Facebook wants to take away the anxiety of buying by aautofilling the information easily. Right now the benefactors will be third party payment players like Braintree and PayPal (which are in talks about an acquisition).
Facebook Payments Product Manager Deborah Liu told TechCrunch:
We’re all trying to solve the same problem: Helping developers monetize and convert. The more conversions, the more payment volume that goes through Braintree, Stripe, or PayPal.
Mobile is where the conversion gap is, where our customers are going in the future. It’s really important to make this an amazing mobile product. That said, we don’t rule out ever doing this on desktop someday.
This will not be the last step though. You don’t think that Facebook is looking to help out other payment processors when it could do it themselves, are you? This will serve in the short term but expect Facebook to be doing its own thing much sooner than later.