She notes that PayPal’s Venmo digital wallet is already popular among millennials.įacebook, too, will benefit as it will “keep more people engaged” with a new payment feature, says Golbeck. The partnership is a “great move” for PayPal because it is “suddenly linked up with a billion more people who can use it,” she adds. Who Is the Bigger Winner? Immediately, PayPal is the biggest winner, although Facebook could also use the “extra attention” it would get from the deal, says Golbeck. “At minimum, Facebook would not have the incentive to develop its own payment system at this point.” Also, PayPal’s position in the marketplace is a little bit more secure because of this deal, he adds. With PayPal in tow, Facebook makes itself “indispensable it has a long-term survival possibility,” says Zhang. “The fact that Twitter is shrinking is a good lesson for everybody to learn.” Twitter’s user base will grow only 2% this year instead of the 8% forecast earlier by eMarketer, a digital technology research services firm. “In today’s internet age, it is very difficult to survive,” he notes. Here are five takeaways from their discussion:Ĭlever Survival Strategy: Zhang says the deal bodes well for both Facebook and PayPal. (Listen to the podcast at the top of this page.) Zhang and Golbeck discussed the Facebook-PayPal partnership on the Knowledge at Wharton show on Wharton Business Radio on SiriusXM channel 111. Facebook could “push people towards this idea that Facebook is a place where exchanging money is common.” Both experts also saw the partnership as an example of a “grand convergence” occurring in the digital world and potentially a precursor to other big acquisitions. Much depends on whether both companies play it right in integrating the service and making it easy for users, says Jennifer Golbeck, director of the Social Intelligence Lab and professor of information studies at the University of Maryland. But beyond that seemingly innocuous feature lies a cleverly crafted survival strategy at both companies, says Wharton marketing professor Z. John Zhang and Jennifer Golbeck on the Facebook-PayPaypal partnershipĪ Facebook-PayPal partnership announced last week will allow Facebook Messenger users to link their PayPal accounts and send and receive money without leaving the site.
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