Facebook working on PayPal-like mobile payments system

facebook.mobileSoon you might be able to pay for something in a mobile app using your Facebook account login credentials, rather than a service like PayPal.

AllThingsD reports Facebook is launching a test version of the product in the next month or two. The service would take on competing products from a wide array of players including PayPal, Google, Amazon, Stripe, Braintree, and Klarna.

The popular JackThreads app, which generates lots of revenue for Thrillist, is reportedly a pilot partner for the Facebook payments service. The company has a good relationship with Facebook, so the pairing makes sense.

There are two big incentives for Facebook to have its own PayPal competitor. One, it can generate revenue by taking a small cut of each transaction. Two, and maybe more importantly, it gets people to put their credit cards on file and gives Facebook more insight into its users’ shopping habits.

But Forrester Research analyst Sucharita Mulpuru told AllThingsD that Facebook will have a tough time trying to collect credit card information.

“Nobody trusts social networks with their financial information, and they are certainly not going to trust Facebook,” she said. “Maybe they have a few million people that have bought something on things like FarmVille, but that does not a network make.”


Editorial Staff @portada_online

Portada Staff

MORE FROM PORTADA

The 5 Most Pressing Questions About Influencer Marketing Answered by Band of Insiders, Best Buy, Bimbo, and Pepsico

The 5 Most Pressing Questions About Influencer Marketing Answered by Band of Insiders, Best Buy, Bimbo, and Pepsico

During the seventh edition of the #PortadaMX summit, experts in Influencer Marketing took the stage to discuss best practices surrounding this elusive but undeniably effective tool to reach consumers. Vivian Baron, CEO and Creative Chairwoman at Band of Insiders, presented the panelists: Best Buy Mexico's E-commerce Subdirector José Camargo, Grupo Bimbo's Global Consumer Engagement Lead Giustina Trevisi, Band of Insiders' Influencer Marketing Manager Leonardo Vargas, and Pepsico/Drinkfinity's Director of Business Innovation & Marketing Yamile Elias.


Experts: Sears’ Future in Mexico Remains Bright, Implications for U.S. Hispanic Market

Experts: Sears’ Future in Mexico Remains Bright, Implications for U.S. Hispanic Market

Experts tell Portada the downfall of the storied retailer won’t affect the Sears franchise in Mexico where better merchandising and e-commerce under the management of Grupo Carso, owned by Mexican billionaire Carlos Slim, have built the franchise into a big hit with Mexican consumers. The implications for the U.S. Hispanic Market.