Facebook Prepares to Launch Own Mobile Payment Service
The new feature would enable Facebook members to make purchases via selected mobile apps by simply using their logins.Facebook, which like any enterprise is on perpetual lookout for ways to monetize products and services, is preparing to sidestep a longtime partner, PayPal, in order to add a potentially lucrative income stream: its own mobile payment service. Facebook is developing a payment feature that would enable members to make purchases via selected mobile apps by simply using their Facebook logins, the Wall Street Journal reported Aug. 15. Facebook has confirmed that it is now testing the service. Facebook members would not need to be on the social network site to buy products. Users who have previously entered their credit card details into the Facebook database would be able to make purchases using partnering e-commerce mobile apps without needing to enter billing details. The process is similar to PayPal's.
The feature is scheduled to launch in September on a trial basis, the Journal said. The payment service will start with men's clothing and accessory retailer Jack Threads.