Social Media Newsfeed: Facebook Mobile Payments | Twitter Local Trends
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Facebook to Test Mobile Payments Product (AllFacebook)
Move over, PayPal: Facebook confirmed a report by AllThingsD that it will test a new payments product that will allow Facebook credentials to be used by users completing transactions on mobile applications. Sources told AllThingsD that Facebook users who have previously supplied their credit card information will be able to complete purchases on partnering apps without being required to re-enter their billing details. AllThingsD Thrillist-owned JackThreads, a flash-sale shopping site for young men, is the pilot partner. The company has a strong relationship with Facebook, sees a good chunk of revenue come through mobile phone purchases and may also have a decent demographic overlap with one particular segment of Facebook users ? gamers ? who would have provided the social network with credit card information. It will be interesting to see if Fab, another close partner of Facebook?s that does well on mobile devices, will follow suit. TechCrunch Facebook is testing a way to make paying with a credit card easier, but it works with PayPal, not against it as AllThingsD wrote. The feature pre-fills credit card and billing info for making easier purchases through PayPal, Stripe, Braintree or other payment processors in third-party mobile apps. It?s not a payment processor itself, but it help Facebook prove the ROI of its ads. Forbes Regardless of whether Facebook is conducting the actual payment processing, this is a major move for Facebook. First, it provides benefits of higher conversion rates for advertisers and app developers. Secondly, it moves Facebook more in between e-commerce transactions, something that it has more trouble doing on mobile because of the App Store and Google Play. CNET “By understanding what consumers ‘like’ and discuss on the platform, Facebook understands much about their propensities and inclinations,”