Facebook testing a PayPal killer to simplify mobile payments
Social network users could type in their login details to
make on-the-go payments
Thursday 15 August 2013
Facebook is set to take on digital payment giant PayPal with its own payments product, according to sources familiar with the social networking site's plans.
The product would allow internet users to make purchases on mobile apps with their Facebook login information.
Any user who has previously provided the website with their credit card details would be able to make purchases on partnering e-commerce mobile apps without entering any billing information, tech news site AllThingsD reports.
Facebook confirmed it is in the process of preparing a testing phase for the product.
If successfully launched, the product would pose a direct challenge to PayPal on mobile devices and would also compete with similar products from Google, Amazon and smaller startups such as Braintree.
For now Facebook's test is only focused on making it easier for people to shop on their mobiles but if the product becomes available on enough partner shopping sites it could give the social network lucrative data about its users shopping habits.
“We have a great relationship with Facebook and expect that to continue. Our customers love using PayPal on Facebook,” a PayPal spokesperson said in a statement to the news site.
“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. However, we always welcome competition and are looking forward to seeing what Facebook will announce.”
Millions of people already spend money through the Facebook, particularly users of popular in-site games like FarmVille.
Facebook testing a PayPal killer to simplify mobile paymentsFacebook's current revenue from payments and other fees is reported to have totalled $214m, or £137.7, in the second quarter of the year, a fraction of the company's billion dollar core advertising business.
Life & Style blogs
iPhone 6S price: new handset to cost the same, Apple unlikely to increase phones' storage
A daily walk 'can add seven years to your life'
Pansexual: What is it - and when did the word become popular?
What do the emojis on Snapchat mean?
Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Tony Blair attacks Jeremy Corbyn's 'Alice In Wonderland' politics
Theresa May says migrants should be banned from entering the UK unless they have jobs lined up
Jeremy Corbyn calls Osama bin Laden's killing a 'tragedy' - but was it taken out of context?
- 1 VMAs 2015: Was Nicki Minaj and Miley Cyrus' awkward acceptance put-down real or staged?
- 2 If you're not already angry about the migrant crisis, here's a history lesson to remind you why you really should be
- 3 Rules on 5p plastic bags likely to lead to arguments at the check-out
- 4 I like Corbyn, but let's face it: we don't need another white man at the head of a political party
- 5 Orthorexia nervosa: How becoming obsessed with healthy eating can lead to malnutrition
iJobs Gadgets & Tech
£35000 - £45000 per annum: Recruitment Genius: You will be working with a 8 st...
£40000 - £55000 per annum: Recruitment Genius: This is an exciting opportunity...
£20000 - £40000 per annum: Recruitment Genius: This IT provider for the educat...
£20000 - £25000 per annum: Recruitment Genius: This leader in the e-cigarette ...