 "Facebook testing its own PayPal-like mobile payment system")
Facebook seems to be all set to dip its toes into the mobile payment market too. The social networking giant has confirmed that it is testing a mobile payment option that will let you make purchases on the web using your Facebook login credentials.
The feature, first reported by AllThingsD, will be a tough competition for the likes of PayPal and Amazon. Facebook is limited testing the feature where your credit card information will be stored within your Facebook account and will let you make purchases using this information.
The one-click purchase system will save users the hassle of entering billing addresses, credit card details like expiry date and security code. Currently, Facebook seems to be pilot testing this feature in the US with a small test group. Its retail partner is JackThreads, a shopping club aimed at men and with member-only purchase facilities.
Facebook is testing its own mobile payment system
The feature is reminiscent of PayPal, the service that supposedly shares great vibes with Facebook. “We continue to have a great relationship with PayPal, and this product is simply to test how we can help our app partners provide a more simple commerce experience,” Tera Randall, Facebook Technology Communications Manager, said in a statement. “This test does not involve moving the payment processing away from an app’s current payments provider, such as PayPal.”
A PayPal spokesperson too said that the company shared mutual good vibes with Facebook. “We have a great relationship with Facebook and expect that to continue,” she said. “Our customers love using PayPal on Facebook. We’ve been investing in mobile payments since 2006, and last year 10 percent of our total payment volume — $14 billion — was from mobile devices.”
While it is not sure that Facebook will expand this feature beyond its pilot phase for now, this is bound to give Facebook the ability to figure out detailed spending patterns and habits of its users. It already knows a lot about credit card information and spending patterns thanks to the Facebook Gifts feature that seems to be doing well for itself in the US, but this will give it a chance to roll out yet another feature from its box full of eclectic services.
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