Categorized | Networking

Facebook is Working on Its Own PayPal-like Mobile Payment Service

Mobile ecommerce is growing, and Facebook knows it. The massive social networking site is reportedly testing its very own payment service for mobile in-app purchases, similar to what companies like PayPal, Amazon and Google have started offering in order to satisfy the growing mobile shopping trend.

For the initial testing phase, Facebook has teamed up with men’s fashion site, JackThreads, as its first pilot partner. Customers will be able to access their credit card information stored in their Facebook accounts to make in-app purchases, bringing a one-click solution to mobile online shopping through Facebook and eliminating the need for every customer to plug in every piece of their billing information to place their order.

There’s been no word on whether or not Facebook will expand its pilot test to include more ecommerce partners, or whether it will surely launch publicly in the future. With over one billion active monthly users, there’s no doubt that this is a huge and very lucrative opportunity for Facebook, and if launched, PayPal could most certainly take a direct hit.

After All Things D reported the news first thing this morning, Facebook responded with the following statement: “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 simpler commerce experience. This test does not involve moving the payment processing away from an app’s current provider.”

Photo © Dana Hoff / Getty Images

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Source: About.com
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Mobile ecommerce is growing, and Facebook knows it. The massive social networking site is reportedly testing its very own payment service for mobile in-app purchases, similar to what companies like PayPal, Amazon and Google have started offering in order to satisfy the growing mobile shopping trend.

For the initial testing phase, Facebook has teamed up with men's fashion site, JackThreads, as its first pilot partner. Customers will be able to access their credit card information stored in their Facebook accounts to make in-app purchases, bringing a one-click solution to mobile online shopping through Facebook and eliminating the need for every customer to plug in every piece of their billing information to place their order.

There's been no word on whether or not Facebook will expand its pilot test to include more ecommerce partners, or whether it will surely launch publicly in the future. With over one billion active monthly users, there's no doubt that this is a huge and very lucrative opportunity for Facebook, and if launched, PayPal could most certainly take a direct hit.

After All Things D reported the news first thing this morning, Facebook responded with the following statement: "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 simpler commerce experience. This test does not involve moving the payment processing away from an app's current provider."

Photo © Dana Hoff / Getty Images

Connect With About Web Trends:
Twitter | Facebook | Google+ | Newsletter
Source: About.com
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