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Friday, 16 August 2013

Facebook set to rival paypal with its own online payment system

The new payment product would allow people who have previously provided Facebook with their card details to make purchases through associated apps just by entering their Facebook login.
JackThreads, a men’s fashion site, will be the pilot partner, according to the digital news website AllThingsD.
If the system is rolled out across other apps, it could take on the online payment giant PayPal, as well as providing Facebook with a detailed profile of its users’ spending habits.
Sucharita Malpuru, an analyst at Forrester Research, told AllThingsD: “It sounds like a dead-on competitor of PayPal.”

But PayPal said in a statement: “We have a great relationship with Facebook and expect that to continue. Our customers love using PayPal on Facebook.
 “We have been investing in mobile payments since 2006, and last year 10 per cent of our total payment volume - $14 billion – was from mobile devices.
“However, we always welcome competition and are looking forward to seeing what Facebook will announce.”
Some analysts remained sceptical about whether users would entrust their card details to the social networking site.
Users may have entered card details when making in-house purchases on games such as Farmville – which Facebook then stores – but it is not known how many credit card numbers the web giant currently has on file.

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