Facebook already has access to a lot of personal information of its users, now the social networking giant wants the users’ credit card details too. Facebook has around one billion users in the world ranking number one among social networking sites. It already has access to information about its users such as email addresses, photos, gender, beliefs, their interactions with others and so on.
The company has now set up a so-called Gifts service which demands users to give the details of credit cards and offline addresses. This is for the site to functions as a retail store online. The ‘Gifts service’ from Facebook has already been tested and will reach users in U.S.A. just in time for the holiday season.
The Gifts service allows users to pay for gifts and send them to their friends. The gifts can be both physical or digital such as gift cards from iTunes, Starbucks or even products from other retailers such as Baby Gap, Lindt chocolate etc.
The company had a not-so-impressive public offering so far this year. The new Gifts service is a move by Facebook Inc. to pacify its investors and monetize its business. In order to run the service the company has created its own shipping, inventory and tracking systems. Facebook has not revealed how much it would earn from the sales, but people over at Amazon dealing in the same business, points to a 15% cut of each sale.
Facebook is also increasing its targeting of users through mobile advertising. It is tracking the users’ web browsing habits outside Facebook and targets its advertising based on these habits.