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Facebook testing out its own PayPal-like mobile purchasing system

Facebook wants you to make your future purchases using its own mobile purchasing system similar to PayPal (NASDAQ:FB, NASDAQ:EBAY)

| Social Networking News | Posted: Aug 16, 2013 12:03 am

According to a report from website All Things D, Facebook is working on a system that will allow users to make payments via their mobile device in similar fashion to how PayPal and Google allow users to pay with their smartphone. The report says that the new mobile payment solution is in a very limited test at the moment and will let shoppers make purchases with credit card information stored in their Facebook account.

 

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Of course, this will only work if you have a credit card already on file with Facebook that you have used in the past to purchase gifts, in-game purchases, or even targeted advertising. The new one-click mobile payment system will use the same information and will allow shoppers to quickly navigate around entering details such as billing addresses, expiration dates, and even security codes found on the back of their cards. For the moment, it is unclear if Facebook will expand the mobile payment program beyond its current test, and with all of the security and privacy concerns already surrounding Facebook, this may be one tough cookie to sell to its members.

NEWS SOURCES:Theverge.com

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