Additionally, Facebook could be required to get approval from the government before any mergers or acquisitions in the future. Facebook is continually improving its measurement capabilities, but being able to close the loop from ad impression to purchase all within its ecosystem provides the most accurate measurement possible. Now, Facebook is taking another step forward with the introduction of Facebook Pay. Subscriber The lawsuit against Facebook is the second major piece of legal action this year aimed at big tech, following a Department of Justice lawsuit filed against Google in October. December 10, 2020, 2:37 PM. Facebook and other big tech companies “have their fingers” in the 2020 presidential election, said Fox News contributor Dan Bongino on Monday. Facebook has dabbled in payments before. In a coordinated attack following over a year of investigation, federal regulators and a coalition of nearly all state attorneys general filed a pair … Big News: FTC And 48 State AGs Sue Facebook As Illegal Monopoly crooksandliars.com - Common Dreams. Basin proud. Breaking news and headlines from Houston on Click2Houston.com. Choose freelancers. 2,693,744 talking about this. Facebook Pay isn't just making transactions easier on it the tech giant's various platforms, it's also going to gain valuable data. If a user sets up Facebook Pay after they find an item with Instagram Checkout, for example, they may be more likely to complete a purchase through Facebook Marketplace by sending money through Messenger. Earlier this year, it introduced Instagram Checkout, which enables users to buy products on Instagram instead of redirecting consumers to a merchant's website.Â. Both complaints seek a "divestiture of assets" for Facebook — that is, breaking off Instagram and WhatsApp from the social-media giant. Both revolve around Facebook's acquisitions of the photo-sharing app Instagram and the encrypted messaging app WhatsApp. Officials are closing in on establishing regulation in the tech world, a move that's become heavily politicized as Republicans and Democrats spar over Section 230 protections. CBS7 News, Odessa, Texas. Amazon (NASDAQ:AMZN) has quickly built a $14 billion advertising business on the back of its shopper data. I'm glad the FTC and state enforcers are taking action to stop Facebook's anti-competitive behavior," Klobuchar said in a statement. He spends about as much time thinking about Facebook and Twitter's businesses as he does using their products. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. New Big2. Welcome! Facebook will collect "payment method, transaction date, billing, shipping and contact details," the company disclosed. Account active "Numerous reports have brought Facebook's long history of anti-competitive behavior to light. Facebook Pay is just the first step for Facebook to increase commerce on its platform through reduced friction and better ad-targeting data. by: John Barron. 1.9K likes. If Facebook can effectively increase sales for businesses on its various apps with Facebook Pay, it doesn't need to worry about monetizing the service directly. Connect with friends, family and other people you know. Cumulative Growth of a $10,000 Investment in Stock Advisor, 2 Big Benefits of Facebook's New Payments Platform @themotleyfool #stocks $FB $AMZN, peer-to-peer payments through WhatsApp in India, Instagram Just Beat TikTok to the Punch With This Update, Facebook Allegedly Crossed a Line in Buying Up the Competition, Social Dilemma: Why I'm Selling (Some of) My Alphabet and (All of) My Facebook Shares, Facebook Must Be Broken Up: Federal Trade Commission Files Antitrust Lawsuit, DOJ Alleges Facebook Discriminated Against U.S. Workers, Copyright, Trademark and Patent Information. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider Emails from 2012 released as part of that investigation revealed Facebook CEO Mark Zuckerberg's thinking about acquiring Instagram at the time. 52K likes. Facebook Pay represents a complete overhaul of payments, using a single platform for the service across the family of apps. Posted: Nov 14, 2020 / 07:00 PM EST / Updated: Nov 15, 2020 / 08:44 AM EST. Facebook Pay represents another way to reduce friction in the social shopping experience. The lawsuits allege that Facebook used a strategy of neutralizing competitors before they could threaten the company's dominance of the social-media market. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Updated: Dec. 10, 2020 at 2:02 AM CST By Associated Press The father faces felony counts of murder and child abuse after the fatal stabbings of his 13-year-old son and 12-year-old daughter. In effect, it increases the value for merchants to establish a presence across its apps and spend more money on advertising. Join Facebook to connect with Big News and others you may know. Facebook Pay enables users to set up payment information in one of its apps, and use the same information across the family of apps to send money to friends or pay for goods and services. 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