PayPal always comes on top when you think about online paymen services and this company has been ruling with the market since it came out. The first thoughts are that this could be easily changed for a month from now as Facebook is in talks to release a mobile payment feature. This payment service will enable you to pay for your desired products using your Facebook account. This well known company is about to expand its reach on the mobile platform adding this new payment feature. This report comes from All Things Digital citing its sources who are claiming that they are really close to Facebook’s future plans.
The main plan is to offer a service for those who have inserted their credit card details on this social network. If you are one of them, when this service starts you will be able to access the e-commerce mobile application in order to pay for your products. It will be so simple that you will pay only by inserting your Facebook account credentials. According to the source there will be no billing information required for the customers’ put in.
All Things Digital said that you must not confuse this future Facebook service with the exciting Google Wallet which lets you pay for your products using your mobile device. This payment feature by Facebook will be designed to provide a completely different purchase through mobile apps because the payment platform will not handle the actual process of the whole product payment. When Facebook is ready to release the test period of this service, it will partner with JackThreads, platform for male-shopping, in order to fully test it out.
Reportedly, Facebook wants to collect all of your shopping. This social network has a vision for you to shop through your tablet or smartphone and keep this company familiar with all of your purchases, but it will not compete with PayPal. Facebook only wants to collect more and more data in order to pass it to its advertisers. Right after this company collects the data and enables the user to make a purchase on mobile through his credentials, the whole payment will be handled by Facebook’s providers. This means, the system will work with Braintree, PayPal and other processors because, like we mentioned earlier, Facebook will not process the payments. According to Facebook’s spokesperson, they are ready to make a small test that will give their users an option to make a purchase through a mobile app that will use their payment info which has been stored on Facebook. People will make a purchase faster by simple pre-populating their stored payment info. This makes more sense than taking over PayPal.
In other words, Facebook will act as an agent between the app maker and mobile shopper in order to help them get through the complicated checkout process on mobile. This could work if the company maintains its very close relationship with many developers who have been working for Facebook’s applications so far. The only problem which is visible is the people. All evidence suggests that they will not be ready to share their credit card info with a company that’s into social sharing. I guess Facebook has an alternative plan and knows how to cover this problem.
Will you share your credit card info with Facebook in order to have easier payment process through this app? – Share your answers in the comments section below.