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ArkadiyB
Joined: 17 Aug 2013
Posts: 5
Sat Aug 17, 2013 1:05 am |
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 Facebook to rival PayPal with new digital system to simplify
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Facebook to rival PayPal with new digital system to simplify mobile payments
Facebook will soon allow users to make mobile purchases using their log-in details if a pilot system proves successful.
The new service will position the social media giant in direct competition with PayPal if it goes ahead as hoped.
The system would reportedly enable shoppers to buy online without entering their credit card details each time.
The social networking site is said to have partnered with a men's shopping site for the pilot, and has confirmed its plans to test the new service.
A Facebook spokesman said: "We are working on a payment test".
The site would not expand on its plans but it is said to be focused on improving the mobile checkout experience.
According to tech website All Things D, the service would still allow companies partnering with Facebook to work with their chosen payment processors.
"If eventually expanded to more partners, the product would also potentially give Facebook keen insight into the shopping habits and preferences of the company's users, a lucrative set of data for the world's largest social network to gather," All Things D concluded.
The social networking site has already promised a shift away from its "Credits" system to introduce local currency payments - expected by September 12.
This aims to simplify the purchase experience for users and make it easier for developers to price virtual goods for a global audience.
"Since we introduced Credits in 2009, most games on Facebook have implemented their own virtual currencies, reducing the need for a platform-wide virtual currency, " the site said when it introduced that system.
"As a result, we are updating Facebook Payments to support pricing in local currency instead of Credits."
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