How would you improve Facebook Pay?

·   Facebook product design Question: How to improve Facebook Pay

·   Use cases: Messenger, Marketplace (pay with Facebook “buy it now”), Instagram Shopping, Facebook Pay for Events, Fundraisers. Payment option is debit card details

·   GOALS

     o   FB mission: Build community, bring the world closer together

      §  How does Facebook Pay further this mission? Show me any community that doesn’t have an exchange of goods or a                           marketplace component. Whether you’re talking about a grandma sending money to a grandson, a fundraiser for disaster                     relief, buying tickets to the Jonas Brothers, or connecting with a brand, it’s all a way to build community.

     o   Product goal: (improve FB pay in way that furthers FB mission and gives more people access to digital currency)

     o   Core competency: Competitors Venmo, Zelle, Cash app, Stripe. What makes FB special is everyone already uses it, low friction, low barrier to entry.

·   USERS

     o   Payment sender – larger reach, more use cases

       §  Casual person aka peer

·   Use cases (not too narrow segments because want to encourage wide adoption)

     o   Peer to peer payments – wide demos, Messenger, sending money to kids for college, roommates paying rent –                         higher unmet needs by users

     o   Recurring payments to small vendors (landscapers, babysitters)

     o   Shopping – using Facebook Pay to buy merchandise online (buy from ads)

     o   Fundraisers – using Facebook to help people in need – second option, further the common good

     o   Payment receiver

       §  Peer (grandma, friend)

       §  Seller (Marketplace)

       §  Charity (raising money for disaster relief)

       §  Event organizers and artists

       §  Brands/vendors (ie Instagram Shopping, eg. Bombas Socks)

     o   Payment processor (debit card rails, UPI (India), blockchain/cryptocurrency, ACH)

·   PROBLEMS

     o   I’m worried about my payment info being stolen. – does it speak to FB mission directly? Maybe it facilitates it

     o   I’m worried the money won’t arrive in time. – could solve this with real-time pay, but not necessarily a competitive differentiator

     o   I want good emotional feedback on my payment (gratitude) – possible because of emotional connections, adoption driver

     o   I’m afraid making payments is going to be a hassle, particularly if they recur regularly. – add support for recurring pay, though  not a diff

     o   If I’m sending a loan, I want people to remember they need to repay me. – has potential too because it’s about working together

     o   If I’m a splitting a cost with someone, I want clarity around who paid what. I don’t want to be confused. – has potential too because it’s about working together

·  KPIS

     o   Registrations of new payment info as a result of a Request Money

     o   Repeat payments activity (either sent or received)

     o   Increasing number of payments/payees (started out paying grandson, now you also pay daughter in law)

·  SOLUTIONS

     o   Multimedia Request Money

     o   Multimedia Thank You video and slideshows – what your money bought, how you helped

     o   Multimedia Send Money (“happy birthday johnny, I love you so much, I wish I could be there today”)

     o   AI reminders for next payment (“you paid johnny $50 last year, is his birthday coming up again?”)

· MVP

     o   Multimedia Request Money (“grandma my bike is too small, look at me try ride it, please send $100”)

     o   Future iteration: Card camera auto-capture

     o   Future: AI reminders for next payment based on context of memo field “this month’s rent”

       §  Future: Set up recurring payments

·  RISKS

     o   Privacy: Public perception of FB’s regard for privacy is questionable. Will they be comfortable inputting payment details?

       §  Mitigate: Purchase a security platform to increase brand recognition around security or have iron-clad payment protection

· VISION

     o   Facebook Pay will be improved by adding Multimedia Request Money to make new payers feel motivated and fulfilled by making their payment. They see how the money will help and it will cause more people to register for Facebook Pay,.

     o   Future state: Requests pop up on portal, maybe they’re spoken out loud in the person’s voice, and initiate payment fulfillment  via voice