Live data from Hacker News

Facebook Pay

pay.facebook.com

251–260 of 262 posts

Re: Facebook Pay

#251
post #175

Earlier quoted context omitted.

Isn’t this because in China some chat and payments app is absolutely massive, WePay I believe? Edit: It’s WeChat. The SV giants are chasing the ubiquity that app enjoys.

WeChat Pay (Tencent) and AliPay (Alibaba) are both huge indeed. I have no clue how much cash they bring in, tho I would expect Visa and Mastercard make way more, but they are widely used, especially the former (WeChat is quite the super-app in China) The reason why they would want this, in my interpretation anyway, is that there is a lot of product fit to have payments on WhatsApp. The app is widely used outside NA a…

[deleted]

Re: Facebook Pay

#252

Earlier quoted context omitted.

Facebook doesn't sell your information outright, Credit Card companies do.

Facebook selling my data doesn't concern me. Facebook having another set of datapoints on my personal life does.

But that is irrational. Selling data is worst possible thing a company can do, because anyone can buy the data including Facebook.

Re: Facebook Pay

#254

The small print is scary, at least compared to a service like PayPal. There's absolutely no consumer protection unless you're actually buying something from Facebook themselves, and for any kind of returns or refunds the advice given is "contact your bank". Yikes.

This seems logical to me? Why should Facebook arbitrate a transaction between friends?

Re: Facebook Pay

#255
post #115

Earlier quoted context omitted.

E-commerce (mostly for IG) and payments (mostly for WA, somewhat for Messenger) have been parts of the Facebook bull case for a long time. Why do people think companies of >70k people can't focus on more than one product/service? Not you in particular, just generally, I spend more time than I'd like to admit on "fin-Twit" and people expect FB has suddenly buried every plan aside of VR since they rebranded. I would sa…

"Why do people think companies of >70k people can't focus on more than one product/service?" Because Facebook's core product is failing, and they should have all hands on deck to try to save it.

Facebook's core product has almost 3 billion monthly active users, that is not "failing" by any logical definition.

Re: Facebook Pay

#256
post #185

Earlier quoted context omitted.

Payments are regulated by financial regulation in many countries, no matter the fine print. For EU countries this would probably be governed by the PSD2 payment services directive and the GDPR data protection. Specifically, payment transaction data may reveal personal data and using it for other purposes than the payment itself would require explicit consent. IANAL. It would be interesting if lawyers with up to data…

They're not talking about data security. They're talking about reversibility of transactions.

Surely only your bank can reverse a transaction, why would Facebook be expected to do this?

Re: Facebook Pay

#257
post #115

Earlier quoted context omitted.

E-commerce (mostly for IG) and payments (mostly for WA, somewhat for Messenger) have been parts of the Facebook bull case for a long time. Why do people think companies of >70k people can't focus on more than one product/service? Not you in particular, just generally, I spend more time than I'd like to admit on "fin-Twit" and people expect FB has suddenly buried every plan aside of VR since they rebranded. I would sa…

"Why do people think companies of >70k people can't focus on more than one product/service?" Because Facebook's core product is failing, and they should have all hands on deck to try to save it.

So, because Q1 guidance is a meager 3-10% revenue increase YoY and RoW active users took one (and first) small step back it is failing?

Re: Facebook Pay

#259
post #256

Earlier quoted context omitted.

They're not talking about data security. They're talking about reversibility of transactions.

Surely only your bank can reverse a transaction, why would Facebook be expected to do this?

Because other companies that offer similar services offer this feature, and thats why people use it and trust it. Paypal is very buyer focused as opposed to seller focused. Eg. if you buy something on ebay and you don't get the product or its defective or its fraud, paypal reverses the tx and puts the onus on the seller to prove you wrong.

This doesn't matter so much when sending money to friends, but an expected use case people imagine for facebook based p2p tx is fb marketplace, where you can buy things from random people online. A lot of fraud and sketchy behavior already happens there (eg. buying stolen products). Not being able to have easy reversion of such tx is bad for buyers (and good for fraudulent sellers).

Not sure if you're in the USA, but for US users, banks are pretty hands off this sort of behavior and will only reverse TX in serious fraud issues, but require the loser to pass a high bar to prove its fraud. Normal bank to bank tx is a "pull" model, so middle men services typically offer protection for the buyer to stop a "pull" in the case of fraud. Thats why the US has created many p2p services that are "push" based (eg. venmo, cash app), and why credit cards companies offer protections like charge reversal and take on that risk (you agree that you'll return money in a charge-back as a condition of VISA/etc letting you use the network).

Re: Facebook Pay

#260
post #255

Earlier quoted context omitted.

"Why do people think companies of >70k people can't focus on more than one product/service?" Because Facebook's core product is failing, and they should have all hands on deck to try to save it.

Facebook's core product has almost 3 billion monthly active users, that is not "failing" by any logical definition.

With some 400 million fake Facebook users deleted … monthly.
Post reply on HN