It looks as though Facebook is rolling out more payment options through its social network, if we can correctly assume from recent job postings from the company. Facebook is seeking new employees to bulk up a team to handle Facebook Payment Operations, reports CNN.
One such position is a Payment Operations Strategist, which would work with the Product and Engineering teams towards the designing of tools and systems to reach its hundreds of millions of users and advertisers. The mention of products to serve both aspects of Facebook’s user base implies that Facebook is looking to concentrate on its applications platform, virtual goods, and direct consumer marketplace.
These are all areas in which Facebook has been expected to expand for at least a year now. With an unrealized partnership between PayPal, MySpace and Google, the pressure was put on early for Facebook to come up with a payments platform to call its own. The result was a buzz about Facebook Wallet, which was stalled for some time and also unable to come to fruition.
The emergence of Facebook’s app platform, however, has proven a better way to bring businesses and users together around the concepts of making payments through a social network. Businesses have long been benefiting from the use of Facebook’s app platform, some of which have found direct ways in which to monetize Facebook’s user platform.
Social gaming is an area of particular interest, as it has allowed a very direct way in which businesses can generate revenue from a socially oriented user base. This is something Facebook is also interested in, as evidenced by its eventual launch of the Facebook Gift Shop. Entering into th virtual goods market is another way of introducing the option of socially integrated payments on its platform, leveraging users’ heavy use of third party apps.
The ongoing acceptance of online payments, as supported by a security-enhanced banking system better equipped for the digital age has increased comfort levels around such actions. hi5 has spent the past year or so moving in this direction, seeking better ways in which to directly monetize its user base. One such tactic was the infusion of third party game apps, which makes hi5 a conduit for these direct sales.
In the end, I think we’ll see a push for individuals to directly profit from social networking transactions as well. This will move beyond a business’ use of Facebook’s platforms, widening the use of Facebook as a marketplace. I think the provision of such a market, especially in a digital realm, could change the way in which businesses is done, and enhance any monetization options Facebook is currently working towards.