Facebook to test mobile payments service - Indian Express

Associated Press : New York, Fri Aug 16 2013, 10:13 hrs Service would enable users make purchases inside mobile applications using payment information. (AP) Facebook plans to test a mobile payments service that lets users make purchases inside mobile applications using payment information they have added to their account on the social network. Facebook Inc. said Thursday that it is working on a "very small test" and the company says there is no set schedule for making the service available to users. The service would use payment information that shoppers store on Facebook to automatically complete checkout forms of certain mobile apps. Then, the app would process the purchase. Spokeswoman Tera Randall said in an e-mailed statement that Facebook has 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." The test, she added, won't involve moving payment processing "away from an app's current payments provider, such as PayPal." Nonetheless, shares of PayPal's owner, eBay Inc. declined on news of the potential competition. The stock closed down $1.05, or 1.9 percent, at $53.18. Facebook's stock closed down 9 cents at $36.56. Forrester Research analyst Denee Carrington thinks Facebook will face a challenge in offering mobile payments even though the company has been building up its database of users' credit cards. "Consumers want safe, seamless and convenient mobile payments and there are a growing number of competitors that consumers trust more — such as PayPal, Visa (V.me) and others," Carrington said in an e-mailed statement. ALSO READ US media websites under increased attack as hackers deploy new tactics All hopes are not lost on Nokia as store clocks 2 billion downloads 62 mn Indians access Facebook through mobile phones, eyes set on 'next billion' Potential vaccine for dengue discovered by researchers in Singapore Please read our terms of use before posting comments TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s). via Technology - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNERPn3P6CSdBc10RQecgIqECd625g&url=http://www.indianexpress.com/news/facebook-to-test-mobile-payments-service/1156046/

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