Facebook Wallet Launching

facebook wallet screenshot

Browsing through my profile settings this afternoon, I came across something interesting: a link that said “Click here to manage credit cards associated with your Facebook account.” I proceeded to click the link and landed on a screen like the one featured above. I don’t previously recall having the option of Facebook allowing me to add a credit card. Just yesterday the Wall Street Journal revealed Facebook’s plans to launch a wallet service. While it seemed like a reasonable concept, I didn’t realize that it would happen this soon. This is huge!

All of the developers that are currently creating simple Facebook applications with the intent to simply generate revenue from advertising are in for a surprise when Facebook wallet launches. Facebook wallet provides much larger opportunities for businesses to generate revenue. My guess is that the Facebook marketplace that everyone had considered a competitor to Craigslist may in fact become a competitor to eBay. Additionally, get ready for tons of businesses jumping at the opportunity to create their Facebook e-commerce site. Any product that you want to purchase will soon be available on Facebook. First movers are going to be the big winners here.

Finally, there is an even larger implication of Facebook’s platform integration with their new Wallet application. You will soon be able to pick what products you are looking to buy, add the application (e.g. Jewelry application), get marketed on the products you want and then remove the application once you have made a purchase. Once you remove the application you will no longer receive advertising from businesses that are marketing products you are no longer looking to purchase. The new Facebook platform has already created a revolution in marketing (given that it is insanely viral), but with the addition of Facebook Wallet and marketing channels that are controlled by the consumer, the revolution will only be bigger. While the transaction interface has not yet been released to developers, it looks like it is coming soon.

UPDATE
So apparently this isn’t new and has been a feature since the gifts applications launched. Apparently I just missed it. Sorry! The launch of Facebook wallet is still going to be equally huge, whenever it happens!