Looks Like Facebook Messenger Is Pulling Up To The Platform

23 Mar 2015 | Author: | No comments yet »

Facebook and Greek debt — what to watch for in the week ahead.

“It’s not yet clear who the early partners are or what the integration will look like, but Facebook will likely expand the capability to more developers following the initial rollout,” it added.Mashable has learned Facebook plans to announce that it’s opening up Facebook Messenger to third-party apps during its upcoming F8 Developer Conference in San Francisco next week.

The social network is set to announce about 20 third-party services, whose apps will work on top of Messenger when the integration rolls out, according to a person familiar with the matter. Last June, Facebook hired former PayPal president David Marcus to run its Messenger division, leaving many people in the industry scratching their heads. “Why put a payments guy in charge of messaging?” stakeholders questioned. The upcoming update to Messenger, first reported Thursday, is the company’s latest in a series of moves that have vastly expanded the reach of Messenger over the last year.

This week, as the company revealed it was rolling out a payments feature in Messenger, it’s clear that Facebook is setting itself up to be a unique data store for marketing purposes. It increases Facebook’s vulnerability, given that collecting large amounts of payments data makes the company even more ripe for exploitation than it’s been before. But last summer the company announced it would be shifting mobile messages out of the main Facebook app entirely — a move that angered many users at the time. Given that Facebook’s attachment rate with millennials has been less than stellar, it has pivoted from its “all in one social network” strategy in favor of break-out solutions.

At minimum, Facebook is expected to update its Messenger app to third-parties in the hope that it will be able to better compete with other messaging services like growing rival Snapchat. The company’s motives for doing this are unclear but the success of apps like WeChat and Line in Asia, which also support third-party apps and services, has demonstrated the potential of such a platform. Tensions continue to mount between the two countries because of Greece’s reluctance to accept strict austerity measures that have been demanded by Germany and the rest of the Eurozone countries funding Greece’s debt bailout. Facebook now has the chance to create an extra edge: By growing its peer-to-peer solution beyond just debit card support, it will have the ability to see “cash” movements of the underbanked on an aggregate basis and provide services like micro-lending, gifting, group purchasing, and casual merchandising.

Federal Reserve chair Janet Yellen said this week that she’ll be monitoring “a wide array of data” to determine when the U.S. economy has reached a point strong enough to merit an interest rate hike. While companies like Square and PayPal have been working in this area for some time, enabling transactions via Facebook reduces the friction associated with those transactions significantly, thereby increasing the opportunity for use.

You may recall one of the more notable attacks – “The Snappening” – when a Snapchat hack resulted in more than 90,000 personal photos and 9,000 videos being visible to the public. ConAgra Foods CAG 1.75% , which makes packaged food brands such as Slim Jim and Swiss Miss, recently hired a new CEO and lowered its earnings guidance for its fiscal year ending in May. The company will report its third-quarter results on Thursday, as will apparel retailer Lululemon LULU 2.08% , which recently saw the departure of its founder from the company’s board.

As the network continues to add more payment services – and insists on keeping them all within its systems – the value of the breach becomes more and more significant. PVH 0.80% , the maker of Tommy Hilfiger jeans as well as Calvin Klein apparel, reports on Wednesday, and analysts are expecting disappointing profits. Holding a large amount of personal, contextual, and payment data for individuals has a very unique value and keeping the hackers at bay must become a top priority.

Pao, who currently serves as interim CEO of Reddit, is suing her former employer, the Silicon Valley venture capital firm, for $16 million after claiming she was routinely passed over for promotions during her time with the firm and retaliated against after ending an affair with a co-worker. Not by going directly into that same market battle, but by flanking the field and capturing the mindshare of the younger market through more useful and applicable tools to their style of life. By focusing less on big merchant credit card purchases and much more on peer community micro-exchange services, Facebook can then provide deep and dynamic insight into the purchase behaviors of that demographic for use by their merchant advertising community, to understand how best to reach back out to that same demographic through the Facebook marketing engine. The company has claimed over 1 billion users on its messaging platforms, Messenger and WhatsApp – and it’s growing quickly, adding 300 million people on Messenger less than seven months after launch.

By breaking Messenger into its own app, and adding peer-to-peer payments capability, Facebook is well positioned to react to and dominate the next hot wave that millennials embrace. There were doubters who felt that Facebook was no longer “young and hip” – even some who said it might fall the way of MySpace and other social networks of the past.

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