Facebook is testing a payment system that would rival PayPal

[Shawn Knight]

Facebook is testing a new payment system that would allow online shoppers to pay for goods and services on mobile apps using their Facebook login credentials without entering billing information during checkout.

The service would work for any Facebook member that has previously provided the social network with their credit card details according to sources familiar with the company’s plans as reported by All Things D. It’s unclear exactly how many credit cards Facebook has on file but odds are, it’s a lot.

A flash-sale shopping site for young men called JackThreads is reportedly the pilot partner. The company appears to be a good fit for the program as they have a strong relationship with Facebook, earn a substantial amount of revenue over mobile and look to have a demographic overlap with Facebook gamers – a group that would have already provided the social network with billing information.

Should the pilot program prove to be a success worthy of full-scale expansion, it would no doubt compete with another digital payment giant: PayPal. Similarly, such a program would be on level ground with offerings from Amazon, Google and many other start-ups aimed at facilitating mobile payments.

In addition to a potentially solid source of revenue, such a program would give the social network some valuable insight into the shopping habits of their users. This data could then be used to optimize advertising sales or help recommend stores to users, among other things.

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https://www.techspot.com/news/53638-facebook-is-testing-a-payment-system-that-would-rival-paypal.html

 

[Guest]

As far as I am aware, the reason PayPal is a more favored use of payment is because you get your money back should someone stiff you or should there be a problem. So Loserbook would have to offer the same level of love IMO to be anywhere near as dominant.

Some people are also not aware that if you have use a debit card, banks consider the money to leave the account instantly and once gone is no longer their problem and should you pay by debit card, you have no protection. But this is false. By law it is apparently under the same protection as credit card use. At least I believe that is the case from the articles I have seen on the web and tv.

 

[tipstir]

Yes which bank is telling you that you have no protection. If the DC has Visa or MC logo it's protected. Also banks max your limit on DC to protect your account. I use DC as CC which my bank allows. I also get back 2% on purchases too.

At BJs wholesales with Gold Member you get back 2% on purchases with DC used as CC get back 2% that's like withe every purchase I get back 4%. Not bad. Can't do this at Costco though.

As for Face Book I won't trust them with anything like Real Money. They're in business to make money from their members. Today they're asking me for Cell phone number. Nope not going to happen!

Paypal system works like this if you run a business online they get 2.9% plus 35 cents transaction fees. If you have to send the money back to the buyer they don't charge you a fee. If you transfer the funds from your account to your bank account no fee. If you want them them to cut a check there is a fee. If you want them to put the money on CC or Pre-paid DC then there is a fee. If you use the Paypal app to do any money transaction there is a fee. I use that app to see what's going on in the account.

Google and Amazon have a system in place also.

 

[Trillionsin]

Of course they would. No better business than to deal with money entirely. Making money off money... surprised it took them this long.

Either way. I've had absolutely no issues with Paypal in my 6+ years using it. I make a lot of purchases online, too. So why would I switch?

The only reason I am still with Facebook is simply because everyone is already on it... would have liked to utilize Google+ but hey... I hear all kinds of bad things about Google too. Them saying that it's ridiculous for us to expect to have privacy in our email accounts. I mean, such a simple thing to ask for, and they say we shouldnt feel like we deserve it.

What happened to they days where Facebook was a simple social networking site, and Google was just a search engine. LOL If those days ever really did exsist...

okay then...

/end rant

 

[VitalyT]

I think FaceBook should buy an island and call it FaceBook. Then start printing their own money and declare a new state, FaceBookinia. They shall live in prosperity and feast vigorously, by way of which they would ask all of its fans, world over, to assemble on the island in celebration of their independence...

What's the punch-line in the end of all this - you may wonder... just one visitor there smuggling in an atomic bomb would become an ultimate pain-relief to the world...

 

[Phraun]

Lol. Trust Facebook with credit card information? No thanks.

 

[hahahanoobs]

No thanks, Zuckerberg.

 

[Guest]

It's called PAYZUCKER.

Go eat your dog Mark, but only if you slaughter it yourself.

 

[cliffordcooley]

With all the mal-ware issues associated with Facebook, I wouldn't trust them with $5 of my money. Even if they cleaned house; it would take them five years, to prove their selves worthy.

 

[Skidmarksdeluxe]

Those 3 little traffic light symbols in the top left hand corner must mean something... This is what I think they mean:-

Red light = Your account is overdrawn, our unsavory but friendly debt collectors will soon pay you a visit and they know where you keep your kneecaps.
Yellow light = Mr Zuckerberg doesn't like the look of your balance, it's beneath his standard, you should think of taking your business elsewhere.
Green light = That's more like it, how may we rob you.