Enjoy complimentary access to top ideas and insights — selected by our editors. Want unlimited access to top ideas and insights? Subscribe Now
Facebook is reportedly rolling out a feature that allows users to scan QR codes to earn incentives to shop at nearby stores.
Processing Content
Some users have spotted the Rewards feature in the More tab of the Facebook mobile app, reports TechCrunch. Facebook confirmed the feature to the tech news site, saying it has been testing ways to allow businesses to reach consumers "where they are."
The feature is designed to lure people to make purchases inside physical stores, and could also give Facebook another way to keep consumers logged in. It would also potentially earn advertising revenue from merchants promoting the Rewards feature. Merchants could also use the Rewards feature to address the growing need to support contextual commerce, or a mix of mobile shopping in and around brick-and-mortar stores.
And like most of Facebook's commerce plays, Rewards opens another venue for the company to collect actionable data about its users.
Facebook is already actively pursuing online transactions, including the use of Messenger Bots to order food on mobile apps, and collaborating with Transferwise to power foreign exchange.
A man stands and checks his Apple Inc. iPhone 6s whilst framed against an illuminated wall bearing Facebook Inc.s 'Thumbs Up' symbol in this arranged photograph in London, U.K., on Wednesday, Dec. 23, 2015. Facebook Inc.s WhatsApp messaging service, with more than 100 million local users, is the most-used app in Brazil, according to an Ibope poll published on Dec. 15. Photographer: Chris Ratcliffe/Bloomberg
John Adams is executive editor of payments for American Banker. John interviews top executives in the payments, cryptocurrency and fintech... Read full bio
After French authorities stopped a bomb plot against a Bank of America office in Paris, security experts warned banks to step up their preparations for terror attacks.
Visa has deployed advanced artificial intelligence to help solve payment disputes and expedite corporate bill pay; while Mastercard adds Hong Kong to its global agentic commerce network.
Which parties are responsible for the surge persisted as a source of debate as community lenders released updated survey data reflecting their average expense.
The 30-year fixed rate climbed to 6.46% this week, its highest mark since September, as mortgage applications fell 10.4% and sellers outnumber buyers by a record 46%.
