3Q EARNINGS: Facebook Not Entering the Payments Business on Its Own
Facebook co-founder and CEO Mark Zuckerberg said during the company’s third-quarter earnings call Tuesday that he envisions Facebook as a collaborator and not a competitor when it comes to electronic payments.
Facebook co-founder and CEO Mark Zuckerberg said during the company’s third-quarter earnings call Tuesday that he envisions Facebook as a collaborator and not a competitor when it comes to electronic payments.
During the question-and-answer period of the earnings call, Deutsche Bank analyst Ross Sandler asked:
Mark, I don’t think I heard you mention payments in the three-, five-, 10-year plan. There has been some speculation of payment offerings within Messenger. Can you give us a sense at a high level of what you’ve envisioned Facebook potentially doing in the payment space longer-term across merchant payments, consumers’ products like savings and lending or peer-to-peer? And then how do you see social interactions tied in with payments evolving? Does Messenger make payments better than what’s out there in the market?
Zuckerberg responded:
Payments is an important part of the online business ecosystem, but we’ve traditionally thought about this as something that we’re going to partner with other companies on to...
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