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Pay through Facebook

November 4th, 2010 · 2 Comments · geolocation, Social Media, thoughts

Things move fast. It was just about 10 days ago that I wrote how Foursquare could start the next wave of integrated check-in and payment systems.

This is a TechCrunch post from a week after I wrote the Foursquare post, which @inkv kindly pointed out to me.
It now appears that Facebook has stolen the march on Foursquare. While Foursquare’s Crowley is still talking about “what happens after the check-in, Facebook has gone ahead and launched their deal platform.
Three reasons why I think Facebook has moved ahead in the game:

The large user base

Half a billion and growing, is a really big number. It can quickly have people adopting it and there’s a very good chance that they won’t change their service provider (Facebook) if the service is decent enough.

Integrated platform

One gets to see the deals, see what their friends have chosen, make their choice, check-in and post their updates to their timeline; all without leaving the Facebook interface.

Ability to pay through the platform

This one’s a clincher. Facebook already has Facebook credits which are used as the de-facto currency in social games and virtual trade on the platform. Why not extend it to the ability to buy real goods and pay for services.

I think Foursquare might be moving in for a merger or an acquisition soon. Yelp is  good candidate, because it has a recommendation engine and their deals platform. Then there’s Groupon. It’s growing and has a very good footprint too.
What do you think?

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