17 Aug 2013

Facebook To Test Mobile Payments Product

Move over, PayPal: Facebook confirmed a report by AllThingsD that it will test a new payments product that will allow Facebook credentials to be used by users completing transactions on mobile applications.
Sources told AllThingsD Facebook users who have previously supplied their credit-card information will be able to complete purchases on partnering apps without being required to re-enter their billing details.
The pilot partner in the social network’s test is men’s apparel flash-sale shopping site JackThreads, which has been highlighted by Facebook Chief Operating Officer Sheryl Sandberg for its use of the custom audiences advertising feature.
AllThingsD believes JackThreads may have been chosen because users in its target demographic are also likely to be game players, many of whom have already shared their credit-card information with Facebook.
Another potential goal if Facebook chooses to proceed with this product, according to AllThingsD, is collecting data on the shopping habits and preferences of its users.

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