Rumor: Facebook to compete with Paypal and Google Wallet
August 15, 2013, 6:18 PM Thursday, EDT. Written by: Jean Sun.
Facebook wants to become the next online payment system? If a new rumor posted online by a reputable site is accurate — then it looks like PayPal and Google Wallet will compete with a new payment method with social networking integration. As reported by All Things D, social networking giant Facebook is already testing a new service allowing registered users with credit card linked to their account to instantly pay for goods and services easily. Just like PayPal and Google’s service, Facebook’s payment method will act as the middle man and will bridge the gap between the credit card company and the retailer.
No detailed information yet on how the new system will launch, but it would be a safe guess that Facebook will start the new service on its own backyard, the news feed, and retailers can advertise and sell goods with quick purchase via dedicated button. The company can also expand its payment system by providing the system to third-party retail sites. Facebook will not only generate additional revenue with the service, according to the report, the payment system will also give Facebook a pricey data containing information on how online shoppers buy products and their preferences. Source: Allthingsd.com.