Issue Date: Vol. 53, No. 9, September 2013, Posted On: 8/15/2013
Facebook Reportedly Plans Mobile Payments Service
by Staff Reporter
TAGS: All Things D, mobile payments, Facebook payments system, cashless vending, PayPal, automated retailing
All Things D, an online publication that specializes in technology and startup company news, reported on Aug. 15 that Facebook plans to test its own mobile payments system, circumventing longtime partner PayPal.
Facebook has confirmed with sources that it will soon test a payments system which would allow online shoppers to make purchases on mobile apps using their Facebook login information.
Facebook members would not need to be on the social site in order to buy things. Similar to the PayPal process, users who have previously entered their credit card details into the network's database would be able to make purchases using partnering e-commerce mobile apps -- without entering billing details.
All Things D's Jason Del Rey and Mike Isaac point out that it's unclear just how many credit cards Facebook has on file. And Forrester Research retail analyst Sucharita Mulpuru told the reporters: "Nobody trusts social networks with their financial information..."