If you have Facebook account, then no need of worrying of having other third-party payment solutions such as PayPal as FB is testing a new app, which will allow you to make payment to any online stores with your Facebook login credentials. According to the sources familiar to company’s plans, this will be more focused as mobile payment solution, so PayPal – Beware!
According to the trusted source, this new payment solution will help Facebook users to make payment to the partnering e-commerce apps with their already provided credit card details in FB and no need of providing billing information again and again. Faceboo might already tested this and we expect this to be released by next month.
Online vendors will strive to integrate this app to their mobile platforms (may be desktop version too!) as there are many vendors already partnered with the largest social network for testing of payment gateway. A flash-sale shopping site – Thrillist one of them. It has digital lifestyle goods and it would target the “Gamers” in Facebook to get more credit card holders.
If the things goes perfectly, then there are many companies will face competition (even FB might win!) from the Facebook Pay. PayPal, Amazon & Google’s payment solutions are the main competitors. There are several other startups such as Klarna, Stripe & Braintree – all of them are one or another way focusing on easy mobile payment solutions is in danger. But the sources revealed that this test is mainly focusing on easy mobile checkout rather than payment processing. This might help the vendors to work with already setup payment processing providers with easy checkout using FB credentials. So far PayPal is the easiest processing and checkout solution, hence, we can say that the Facebook is going after PayPal. May be, Facebook might also makes PayPal payments even easier by partnering with the vendors. Something like, registering on a website using FB Authentication and in similar manner. Stay tuned, we will crawl more info on this soon.