Social networking giant Facebook is planning to test a new mobile payment feature. The upcoming feature on Facebook will use payment details which are added by users to their accounts. After that, the feature will automatically fill in forms when users make purchases on mobile applications.
So far, many companies have been trying to tap into mobile payments markets, but the social network said that the feature will not involve moving the payment processing away from an app’s current service provider. Tera Randall, spokeswoman for Facebook said, “This product is simply to test how we can help our app partners provide a simpler commerce experience”.
The spokesperson went on to say that the company has a great relationship with PayPal, which is one of the biggest processors of online payment. There are over a billion members on the social networking site and half of them log in every day. The social network has become so popular that it is attracting advertisers to invest more and more into the potential consumer pool.
Facebook’s latest earning report showed that it generated revenue of $1.6 bn from April to June quarter in 2013. According to analysts, if the social network actually launches the payment feature, then it will help the company to keep track on how many users have actually purchased items.
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