Facebook’s mobile payments ambitions up against consumer trust

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Facebook payments

According to the Financial Times, Facebook is just ‘weeks away’ from getting an e-money license in Ireland that would allow its users to hold and exchange money on the social networking site.

Eden Zoller, m-payments experts at Ovum explains the rationale behind this move:

Ovum predicted Facebook would launch a renewed push into mobile payments this year and its focus on mobile money transfers makes sense. Ovum’s 2013 Consumer Insights found that only 1% of respondents trusted social networks like Facebook to deliver m-payments, in sharp contrast to the much higher levels of trust placed in banks (43%) credit card companies (13%) and mobile operators in the context of emerging markets (11% in China)

Yomi Adegboye AKA Mister Mobility agrees with the thinking that trust will be a big issue:

People just do not trust Facebook that much, especially with regards sensitive matters like privacy and security. While not impossible to do, this will be a difficult nut to crack for them. However, the platform is hugely popular here in Nigeria, and majority of users are not so sophisticated. It might just pull a surprise if it ever shows up here.

We wonder when we will see Facebook apply for a mobile money license in Nigeria? What do you think? Will you trust Facebook as a mobile payment platform?

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