Facebook has introduced a new payment gateway for Instagram, a move that was tipped by CEO Mark Zuckerberg at the company’s Q1 earnings call in late April.
The payment option has been enabled by Instagram for limited users. It allows these users to add their personal credit and/or debit card details and purchase content from pages.
There is also an activity tab that lets Instagram users to track their purchases, and users can add a security pin to prevent unauthorized purchases from their account.
Zuckerberg said this is going to be a big opportunity, and that people will start to interact with pages and in turn make it more valuable for businesses to be on Facebook.
“You see content from that page. You can click through or tap through to a message thread and then you can either get customer support, or complete a transaction, or do a follow-on transaction. And that will be very valuable for businesses,” Zuckerberg said.
He added, “[w]e view the payment in that context not as the goal, but as something that’s helping the business and the person succeed at having the transaction or doing what they’re trying to do. And that’s going to make people’s experience better.”
Source: https://investingnews.com/daily/tech-investing/mobile-web-investing/instagram-new-payment-options/