We all have the ability to pay online, with a credit card, or directly at a store. However, our decisions to use those mechanisms can often be impacted by the level of awareness we develop around what those mechanisms can do for us. The rise of the internet has led to new ways of accessing our monetary means. Facebook, for example, has already made it easier for people to buy goods and services from virtual stores.
Facebook considers building alongside digital wallet to be a great way for people to pay for things online, but they don’t have the same level of awareness about what the payment system can do for them.
Just because we can pay for things online doesn’t mean that we understand that this payment system can help us with other things. Facebook and credit card companies are still doing lots of things they have yet to do. They are already making sure that a customer’s credit card can be used to shop online, for example. Also, if a customer has already visited a store, they can already make a purchase with the credit card.
What about building an Internet connection to the store, and then paying it off for the connection? They’re the only people on the Internet that are allowed to buy things online. Most other users don’t get to buy them.
The thing I love about Facebook is that it is already on a level with digital wallets (and credit cards). All it takes is a simple text message to the user, and they have a virtual receipt, allowing them to pay with the credit card.
So instead of building a physical store with a credit card and a physical bank account, why not just build a virtual store that we can pay with an Internet connection? Facebook is already online, so why not use it to build a virtual Internet store? And it could even be used to pay off our credit cards. This is an idea on the cutting edge of where the financial industry is headed.
The idea is not new. Amazon is one of the main competitors to Google Wallet in their attempt to build a virtual store on top of the Internet. In fact, the idea is not even new. Facebook has already made a few experiments with virtual stores in the past, but the company felt that the effort was a little too much and decided to put it down.
Facebook is not the only company looking to do something like this. A company called Digiwallet is trying to build a digital wallet in which the owners would be able to pay their bills with their Facebook friends. This would be a similar concept to the Apple Pay service that lets you pay your phone bill with your bank account.
That sounds like a pretty neat idea, but Digiwallet says that it could be a problem because Facebook users would not trust the product. They would store the data about their contacts in an external server, which in theory would not be monitored. Digiwallet says that their solution is to “ensure we never store your personal information.
And if we do store the information, they say, it will be stored in a blockchain where users can verify the identity of each other. That means that the data held by Facebook would be more secure than the data held by any other site.