Facebook has launched a new e-commerce feature labeled “Marketplace”. The new application will allow individuals and groups to buy and sell to anyone – around the world. While initially available in just four countries; the US, UK, Australia & New Zealand, Marketplace is expected to roll out around the world.
Facebook described Marketplace as;
“…a convenient destination to discover, buy and sell items with people in your community. Marketplace makes it easy to find new things you’ll love, and find a new home for the things you’re ready part with.”
Facebook also stated they will continue to build new options and features to improve upon the experience for their hundreds of millions of users.
Facebook pointed out that it currently does not facilitate payment or delivery of items sold in its marketplace but it is a short leap for the social platform to engage in payments and then, perhaps, providing credit. Facebook already owns a patent to use their data to provide credit ratings.
Facebook is not alone in its quest to leverage further their enormous database of users and social information. Financial Innovation Now was created by several US-based tech firms, including Apple, Google and Amazon, to lobby on behalf of these companies in regards to financial services. Facebook averages 1.13 billion active users every day. The bulk of this activity occurs on mobile devices.
Expect more announcements from Facebook regarding Fintech in the future.