Facebook Inc. has unveiled a service that lets users give gift cards to other members for purchases at retailers and restaurants.
The card can be used at four businesses, including Target Corp. and Jamba Juice Co., Facebook said on its website. With the new service, users select gift amounts to be put on the card and sent to their friends. The recipient is notified of the present and receives the card in the mail a few days later.
Facebook is investing in new products to attract users and keep them on the site longer. Earlier this month, the company announced a revamp of its search service that lets members find information on people, places, photos and interests. Last year, Facebook debuted tools that let members purchase physical gifts for friends on the site.
The latest gift feature works for members in the U.S., and the refillable cards can carry balances from multiple businesses in varying amounts. The cards can also be used for LVMH Moet Hennessy Louis Vuitton SA's Sephora cosmetics chain and for Darden Restaurants Inc.'s Olive Garden eateries.
Menlo Park, California-based Facebook fell less than 1 percent to $30.98 at the close in New York. The shares have declined 18 percent since the company's initial public offering in May.Copyright © 2014 Paddock Publications, Inc. All rights reserved.