Facebook Beta Tests Payment System

Facebook has officially begun accepting applications to be part of the Facebook payment system beta test. I have been speculating about a payment system for a long time. This is a significant move for Facebook and one that will lead to the increase in e-commerce application on Facebook. I have been advising many of my e-commerce clients to hold off on launching anything significant until Facebook releases their payment system.

It appears as though Facebook will be releasing this feature in the coming months. I definitely would like to be part of the beta launch. If you do as well, send an email to jmorgenstern [AT] facebook [DOT] com. I can only speculate for now how this is going to work but this could be a massive shift for social commerce. Many in the industry have discussed the pinnacle of e-commerce being social shopping and much of that will potentially take place on Facebook.

Just yesterday I updated my Facebook status with a link to an entertaining t-shirt that I found. Within an hour, one of my friends purchase the shirt and posted a comment on my wall that they had bought the shirt. Social commerce has extremely powerful potential. Thanks to Justin Smith for pointing this out!