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I can’t think of another company I’d want less to know my transaction and purchase history than FB/Meta. What happened to Zuckerberg’s shift to “video” or are t

I can’t think of another company I’d want less to know my transaction and purchase history than FB/Meta. What happened to Zuckerberg’s shift to “video” or are they truly throwing anything and everything at the wall now?

ma2rten 5y ago
Facebook doesn't sell your information outright, Credit Card companies do.
- theshrike79 5y ago
  Facebook selling my data doesn't concern me. Facebook having another set of datapoints on my personal life does.
  - ma2rten 5y ago
    But that is irrational. Selling data is worst possible thing a company can do, because anyone can buy the data including Facebook.
paulpauper 5y ago
fakebook is a worse offender when it comes to data collection
- headsoup 5y ago
  Ignorance is bliss?
darknavi 5y ago
I agree. The terrible thing is is that it's the easiest solution for me and my friend group to send money via Messenger. The US has _really_ dropped the ball on any sort of easy-to-use, standardized money transfer. Zelle is the closest thing and it is a joke for every day usability.
- toomuchtodo 5y ago
  US instant payments drop in 2023. Definitely sucks it took this long, but it’ll be ubiquitous and replaces ACH. https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about....
  - darknavi 5y ago
    Sounds promising but I will believe it when I see it (and use it).
    - deleted 5y ago
      [deleted]
  - twelve40 5y ago
    since we are talking consumers here, what would it look like to a regular user? would I have to walk around asking people for their account numbers and routing numbers to FedNow them the money?
    - deleted 5y ago
      [deleted]
    - toomuchtodo 5y ago
      It will eventually support aliases (like Zelle does) as well as cross border payments, but my understanding is that it won’t at launch (as the desire is to get the ACH delays gone first). I don’t have consumer UX insight, only into the ISO20022 message plumbing (user->institution->Fed->institution->user).
    - TheSmiddy 5y ago
      In Australia the system is called Osko and we link our mobile phone numbers or email address to it.
      - andrewinardeer 5y ago
Spooky23 5y ago
They want to monetize the Facebook mommy groups and similar that basically destroyed Craigslist. I’m surprised it took this long.
BbzzbB 5y ago
E-commerce (mostly for IG) and payments (mostly for WA, somewhat for Messenger) have been parts of the Facebook bull case for a long time. Why do people think companies of >70k people can't focus on more than one product/service? Not you in particular, just generally, I spend more time than I'd like to admit on "fin-Twit" and people expect FB has suddenly buried every plan aside of VR since they rebranded. I would say however the spaghetti analogy is a bit dismissive considering that, when their projects do "stick to the wall", they spawn business-lines with 10 digit users. Not that I have any objection to the hive mind thinking Reels and VR is the end-all be-all, I want it to think it's a dead business.
- sjtindell 5y ago
  Isn’t this because in China some chat and payments app is absolutely massive, WePay I believe? Edit: It’s WeChat. The SV giants are chasing the ubiquity that app enjoys.
  - derac 5y ago
    I figured I'd point out why you're (probably) being downvoted in case you don't understand. The problem of payments is obvious, it's literally ancient. It's a ridiculous and naive statement that anyone would have to look at WeChat to realize it's a valuable problem to solve.
  - BbzzbB 5y ago
    WeChat Pay (Tencent) and AliPay (Alibaba) are both huge indeed. I have no clue how much cash they bring in, tho I would expect Visa and Mastercard make way more, but they are widely used, especially the former (WeChat is quite the super-app in China) The reason why they would want this, in my interpretation anyway, is that there is a lot of product fit to have payments on WhatsApp. The app is widely used outside NA as the communication channel, namely by lots of SMBs that actively use it (see [0], that app is solely used for business owners as it's rather useless for a regular WA user). The monetizing opportunities on WA are deeply tied to SMBs, basically you should be able to operate a business on WA in which case you shouldn't have to go off-app once you get to payment, removing payment-middlemen is probably in the interest of all three parties involved too. Payments are necessary to enable "business over chat", you can also see them working on this with Click-to-WhatsApp/Click-to-Messenger ads and the acquisition of Kustomer. This is all valid for Messenger as well but I think that's more of a TBD, it's yet to prove itself popular for that kind of usage, tho there is a good fit for Marketplace and to compete with Venmo. It's also implemented on Facebook and Instagram for their respective Shops platforms, I don't think there's more to it than that for those. Just like Apple Pay is a rounding error[1], I wouldn't bet on payments being a significant cash cow, not any time soon anyway, considering Facebook's approach to monetization. IMO it's more about deepening the moat and broadening the utility of the apps, especially WhatsApp as it tries to become something of a communication+commerce+payments super-app for Asia/Latam/Africa (credit cards and phone numbers would be rough to displace in North America and Europe, I sure as hell wouldn't bet on FB overtaking those). A Signal or a Telegram could take over a chatting app (if it somehow reaches, like, 2B people), it would be much harder (as if it wasn't hard enough to beat such a network effect) to take over a chatting app with a built-in suite of features for businesses and a user base that gets accustomed to commercial use of said app. I could also be entirely wrong, I'm just an idiot that tries to follow the company. 0: https://www.statista.com/statistics/1276030/whatsapp-business-downloads-leading-countries/ https://www.statista.com/statistics/1276030/whatsapp-busines... 1: https://www.statista.com/statistics/1060577/apple-pay-revenue/ https://www.statista.com/statistics/1060577/apple-pay-revenu...
deleted 5y ago
[deleted]
gadders 5y ago
"Your Pay Balance was $500 but you shared a spicy meme so it is now $0."

ma2rten 5y ago

Facebook doesn't sell your information outright, Credit Card companies do.

theshrike79 5y ago
Facebook selling my data doesn't concern me. Facebook having another set of datapoints on my personal life does.
- ma2rten 5y ago
  But that is irrational. Selling data is worst possible thing a company can do, because anyone can buy the data including Facebook.

paulpauper 5y ago

fakebook is a worse offender when it comes to data collection

headsoup 5y ago
Ignorance is bliss?

darknavi 5y ago

I agree. The terrible thing is is that it's the easiest solution for me and my friend group to send money via Messenger. The US has _really_ dropped the ball on any sort of easy-to-use, standardized money transfer. Zelle is the closest thing and it is a joke for every day usability.

toomuchtodo 5y ago
US instant payments drop in 2023. Definitely sucks it took this long, but it’ll be ubiquitous and replaces ACH. https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about....
- darknavi 5y ago
  Sounds promising but I will believe it when I see it (and use it).
  - deleted 5y ago
    [deleted]
- twelve40 5y ago
  since we are talking consumers here, what would it look like to a regular user? would I have to walk around asking people for their account numbers and routing numbers to FedNow them the money?
  - deleted 5y ago
    [deleted]
  - toomuchtodo 5y ago
    It will eventually support aliases (like Zelle does) as well as cross border payments, but my understanding is that it won’t at launch (as the desire is to get the ACH delays gone first). I don’t have consumer UX insight, only into the ISO20022 message plumbing (user->institution->Fed->institution->user).
  - TheSmiddy 5y ago
    In Australia the system is called Osko and we link our mobile phone numbers or email address to it.
    - andrewinardeer 5y ago

Spooky23 5y ago

They want to monetize the Facebook mommy groups and similar that basically destroyed Craigslist. I’m surprised it took this long.

BbzzbB 5y ago

E-commerce (mostly for IG) and payments (mostly for WA, somewhat for Messenger) have been parts of the Facebook bull case for a long time. Why do people think companies of >70k people can't focus on more than one product/service? Not you in particular, just generally, I spend more time than I'd like to admit on "fin-Twit" and people expect FB has suddenly buried every plan aside of VR since they rebranded. I would say however the spaghetti analogy is a bit dismissive considering that, when their projects do "stick to the wall", they spawn business-lines with 10 digit users. Not that I have any objection to the hive mind thinking Reels and VR is the end-all be-all, I want it to think it's a dead business.

sjtindell 5y ago
Isn’t this because in China some chat and payments app is absolutely massive, WePay I believe? Edit: It’s WeChat. The SV giants are chasing the ubiquity that app enjoys.
- derac 5y ago
  I figured I'd point out why you're (probably) being downvoted in case you don't understand. The problem of payments is obvious, it's literally ancient. It's a ridiculous and naive statement that anyone would have to look at WeChat to realize it's a valuable problem to solve.
- BbzzbB 5y ago
  WeChat Pay (Tencent) and AliPay (Alibaba) are both huge indeed. I have no clue how much cash they bring in, tho I would expect Visa and Mastercard make way more, but they are widely used, especially the former (WeChat is quite the super-app in China) The reason why they would want this, in my interpretation anyway, is that there is a lot of product fit to have payments on WhatsApp. The app is widely used outside NA as the communication channel, namely by lots of SMBs that actively use it (see [0], that app is solely used for business owners as it's rather useless for a regular WA user). The monetizing opportunities on WA are deeply tied to SMBs, basically you should be able to operate a business on WA in which case you shouldn't have to go off-app once you get to payment, removing payment-middlemen is probably in the interest of all three parties involved too. Payments are necessary to enable "business over chat", you can also see them working on this with Click-to-WhatsApp/Click-to-Messenger ads and the acquisition of Kustomer. This is all valid for Messenger as well but I think that's more of a TBD, it's yet to prove itself popular for that kind of usage, tho there is a good fit for Marketplace and to compete with Venmo. It's also implemented on Facebook and Instagram for their respective Shops platforms, I don't think there's more to it than that for those. Just like Apple Pay is a rounding error[1], I wouldn't bet on payments being a significant cash cow, not any time soon anyway, considering Facebook's approach to monetization. IMO it's more about deepening the moat and broadening the utility of the apps, especially WhatsApp as it tries to become something of a communication+commerce+payments super-app for Asia/Latam/Africa (credit cards and phone numbers would be rough to displace in North America and Europe, I sure as hell wouldn't bet on FB overtaking those). A Signal or a Telegram could take over a chatting app (if it somehow reaches, like, 2B people), it would be much harder (as if it wasn't hard enough to beat such a network effect) to take over a chatting app with a built-in suite of features for businesses and a user base that gets accustomed to commercial use of said app. I could also be entirely wrong, I'm just an idiot that tries to follow the company. 0: https://www.statista.com/statistics/1276030/whatsapp-business-downloads-leading-countries/ https://www.statista.com/statistics/1276030/whatsapp-busines... 1: https://www.statista.com/statistics/1060577/apple-pay-revenue/ https://www.statista.com/statistics/1060577/apple-pay-revenu...

deleted 5y ago

[deleted]

gadders 5y ago

"Your Pay Balance was $500 but you shared a spicy meme so it is now $0."