Facebook to Start Own Payment System Soon

Getty_081513_FacebookSmartphoneWhen you thought Facebook couldn’t do any better, they make a system which allows you to pay for things by simply putting in your facebook login details! The social network king company has confirmed that they are going to be testing a mobile option that will allow you to make purchases easily. This is competition for companies like PayPal and Amazon. This means that your credit card information will be stored on your Facebook account. This means that there is no need to put in your billing details as long as you have all the information stored on your profile.

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In a statement to the press, Tera Randall, Facebook Technology Communications manager said, “We continue to have a great relationship with PayPal, and this product is simply to test how we can help our app partners provide a more simple commerce experience. This test does not involve moving the payment processing away from an app’s current payments provider, such as PayPal.” All in all, the system seems like a good idea. However, there are many who are unsure about the prospects.

Facebook has a history of being hacked and this means that personal details are taken. However, Facebook reassures that this is simply851575_321860757942911_1157756214_n a test to see if this system is going to work or not. With the gift giving that is on Facebook now, they have had a good reputation of not following through with that information. Time will tell if the company is going to be able to keep up with the fast passed world that is technology. With the advances in technology so far, there is no doubt that something of this nature is going to benefit a lot of people.

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The main thing that people worry about again, is the security. It is easy to hack into accounts. Even PayPal has had their fair share of hacks and this means that Facebook is going to be subject to this. The difference is that Facebook holds a lot more of your personal details than do the rest. It is going to be interesting to see where they are going to go with this. For now, the project is in light-beta testing with only a few small groups of testers. If all works and things seem that they are going to be beneficial, then many can say goodbye to PayPal. However, one last thing that Facebook has to worry about is the fees and taxes that come with this.