Facebook on Tuesday announced a bevy of new shopping features for its various apps, setting a business foundation for the company's pivot to privacy.
Already in India, the company is testing a WhatsApp payments feature that is being used by 1 million users and will roll out to more countries later this year, Zuckerberg said on Tuesday.
"What we expect is as we build out more commerce-related features around shopping and Instagram and Marketplace and Facebook and certainly the private social platform that I've been talking about, I think will lend itself to private interactions around payments and commerce and interacting with businesses in that way," Zuckerberg said on April 24.
Besides driving ad sales, Facebook's focus on payments could develop into a business similar to that of Venmo, which is owned by PayPal., Venmo is now generating revenue at a $300 million annualized run rate, PayPal said Tuesday at the company's investor meeting.
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