Mark Zuckerberg explains how Facebook will make big bucks from privacy: Payments and commerce

KEY POINTS

  • Facebook on Tuesday announced a bevy of new shopping features for its various apps, setting a business foundation for the company’s pivot to privacy.
  • Shopping could drive more ad sales for Facebook and help the company create a new revenue stream.

Facebook CEO Mark Zuckerberg is excited about payments and private commerce.

“When I think about all the different ways that people interact privately, I think payments is one of the areas where we have an opportunity to make it a lot easier,” Zuckerberg said on Tuesday at Facebook’s F8 annual software developer conference in San Jose, California.

At F8, Zuckerberg and company announced several new shopping features for Facebook’s various apps. These new features are part of a broader effort by Facebook to move the company toward e-commerce and payments, two areas that fit more comfortably within the company’s ambitions to be a privacy-focused social network. If successful, the move could not only bolster its core advertising business, which makes up nearly all of of its revenue today, but could also create a significant new revenue stream in payments.

The move will also pit Facebook more directly against other big tech companies such as Apple, whose Apple Pay service is a cornerstone of its move toward becoming a services company, and e-commerce stalwarts like Amazon and eBay.

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