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Updated March 11th, 2019 at 18:48 IST

Facebook mulling over adding in-app payment option for Marketplace: Report

According to reports, Facebook is mulling over adding a payment service option to its 'Marketplace' on Android and iOS. Social media giant Facebook had announced Marketplace feature back in 2016

Reported by: Tech Desk
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According to reports, Facebook is mulling over adding a payment service option to its 'Marketplace' on Android and iOS. Social media giant Facebook had announced Marketplace feature back in 2016. The feature was added to let users buy and sell products across different categories.

Apparently, a mobile payment service option is already showing in Facebook's Android and iOS app for select users. The option has always been used to let users list different products. However, Facebook does not handle the payment system for buying or selling products listed on Marketplace.

READ | How Facebook stands to profit from its ‘privacy’ push

That, however, is expected to change once Facebook's payment service starts to expand to all the users. Report has it that a new Pay with Facebook payment option is already available on certain Facebook pages such as Marshmello Music that are reportedly selling products over Marketplace.

The feature was first spotted by MobileWorld. According to a screenshot shared by the website, it seems to support different payment methods that use Visa and Mastercard. There is also a possibility of cryptocurrency feature, however, icons seen on the screenshot, are not recognisable.

READ | Facebook-WhatsApp cryptocurrency could be reality soon and India could be the first market for it: Report

Last year, there was a report that Facebook could be working on its own cryptocurrency to let users transfer money over UPI-based payment option. Facebook has named former PayPal president and then head of the Messenger app, David Marcus, as the head of its Blockchain research unit. A report has it that Facebook has close to 40 people as part of its Blockchain team.

At the time of writing this, the process involving Facebook's unannounced payment service option seems a little complicated but we are seeking more clarity on the technicalities. According to the report, the purchaser first has to send a request to the seller and depending on whether seller accepts or refuses the offer, seller has to send a suitable request back to the buyer

READ | Here's what Mark Zuckerberg's ‘privacy vision’ for Facebook really means

Facebook is yet to acknowledge these reports and make an official announcement.

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Published March 11th, 2019 at 18:48 IST

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