Facebook to test its own PayPal competitor to simplify purchases
Posted by: Timothy Tibbetts on 08/15/2013 08:41 AM
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Facebook plans to test a new payments product that would allow online shoppers to make purchases on mobile apps using their Facebook login information, according to sources familiar with the company’s plans.
We also have the issue of Facebook being the second largest site in the world and if we are being honest, the majority of users are not super tech savvy, though many seem to think they are. This means hackers will make this easily their new #1 target. We expect hackers to get on this as soon as the beta is available.
Facebook confirmed the test, which is expected to launch in the next month or so, to AllThingsD.
Facebook’s test is, for now, focused solely on creating a better mobile checkout experience, rather than getting involved in payment processing.
The checkout product could also potentially provide Facebook and its advertisers with valuable insight into what type of products its users are buying off of Facebook.
What is unclear, however, is just how many credit cards Facebook actually has on file.
We also have the issue of Facebook being the second largest site in the world and if we are being honest, the majority of users are not super tech savvy, though many seem to think they are. This means hackers will make this easily their new #1 target. We expect hackers to get on this as soon as the beta is available.
Facebook confirmed the test, which is expected to launch in the next month or so, to AllThingsD.
Facebook’s test is, for now, focused solely on creating a better mobile checkout experience, rather than getting involved in payment processing.
The checkout product could also potentially provide Facebook and its advertisers with valuable insight into what type of products its users are buying off of Facebook.
What is unclear, however, is just how many credit cards Facebook actually has on file.
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