Facebook Tests ‘Buy Button’ for Instant Purchases23 Jul, 2014 By: Doug McPherson
MENLO PARK, Calif. – Facebook is testing a new “buy button” that lets its users buy items from advertisers without leaving its site. Facebook has recruited a “few small and medium-sized businesses” to test the tool.
Analysts say the button, which allows consumers to complete entire purchases within Facebook via a credit card that’s on file with Facebook, could boost conversion rates and attract retailers.
Facebook is reassuring users that it’s beefing up its payment system firewall to thwart security breaches. “We’ve built this feature with privacy in mind, and have taken steps to help make the payment experience safe and secure. None of the credit or debit card information people share with Facebook when completing a transaction will be shared with other advertisers and people can select whether or not they’d like to save payment information for future purchases,” the company said in a press release.
Facebook has made several attempts at similar E-commerce tactics, such as its Pinterest-style collections feature with buy buttons that took users offsite in 2012. It also allowed on-site payments to charities with its donate button last year. And earlier this year, it was testing an “auto-fill with Facebook” feature that automatically enters user payment details when a consumer made a purchase in a third-party E-commerce app.
Twitter has reportedly unveiled a buy button this summer, and some have speculated Pinterest may enter deeper E-commerce waters with a similar tool.