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Facebook Plans To Test Its Own Payments Processor

     
1:52 pm on Aug 15, 2013 (gmt 0)

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Facebook plans to test a new payments product that would allow online shoppers to make purchases on mobile apps using their Facebook login information, according to sources familiar with the company’s plans.

The product, sources say, would allow any shopper who has previously provided Facebook with their credit card details to make purchases on partnering e-commerce mobile apps without entering billing information.

Facebook confirmed the test, which is expected to launch in the next month or so...Facebook Plans To Test Its Own Payments Processor [allthingsd.com]
4:23 pm on Aug 15, 2013 (gmt 0)

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Interesting...
5:51 pm on Aug 15, 2013 (gmt 0)

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Ripe for fraud IMO
7:57 pm on Aug 15, 2013 (gmt 0)

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hmm, interesting
10:33 pm on Aug 15, 2013 (gmt 0)

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I think it's actually a good idea. It will be interesting to see if eBay allows Facebook payments as an option since eBay owns paypal. While I highly doubt they will given past management decisions, there is a huge opportunity for eBay to also benefit from being more socially integrated.
4:24 pm on Aug 16, 2013 (gmt 0)

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Sounds more like MoneyGram than anything. Wiring money from one friend to another. I personally think it doesn't add anything to the "Facebook Experience", but it does add to Facebook's pocket book.
4:35 pm on Aug 16, 2013 (gmt 0)

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It could end up being a biggie. Plenty of opportunities for people and companies to transfer money on there, or at least find reasons to part with money.

I can't remember if it's publicised much but FB definitely have a "want" button (or actions to that effect) in the works. There are hints of it in the timeline such as "books I'd like to read" etc.

All it'd take is a sweetening offer, FB has the kind of information that Amazon has to know what to put in front of you.
6:27 pm on Aug 16, 2013 (gmt 0)

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Hmm I see what others posted here don't see. I see
would allow any shopper who has previously provided Facebook with their credit card details
Please tell me who is responsible for a hacked account that has ordered from my store?
I can see many order that appear from a legit account only months latter see FB charge my account due to fraud. This IMO is not something I will take any part of until I see the disclosure on who is responsible for the hacked account. BTW there are 1000's of FB accounts hacked daily.
3:53 am on Sept 11, 2013 (gmt 0)

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this could be huge for us because most of our international sales initiate from facebook. I am very curious why type of banking information facebook users (internationally) will be required to use because most international people don't own credit cards and if they do its only a national credit card. I am speaking primary within fareast not more established areas like europe.
5:59 pm on Sept 14, 2013 (gmt 0)

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My wife used our US debit card to order points for a game she was playing on FaceBook & a few weeks later our bank account started showing unauthorized debits that resulted in having to get the card replaced. As this was the only place we used the card it was obviously a FB problem.

We were lucky that the bank refunded all the charges but as I live outside the USA it was a huge hassle.

I have no faith in FB's ability to guard their accounts. I immediately deleted all card information from our FB accounts & will never trust them again.
3:02 pm on Sept 18, 2013 (gmt 0)

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^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Tropical Island my point exactly.

Were the charges for products or cash withdrawals?
12:35 pm on Sept 21, 2013 (gmt 0)

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The charges started out very small for music purchases and as it was during Christmas & New Year's I let it go until January.
By the time January arrived the charges had increased dramatically for phone time, music & other things.
Fortunately when I complained the bank refunded all charges but cancelled the card (of course).
It took about 3 weeks for the new card to arrive so all my on-line account activity was frozen. A huge hassle!

FaceBook will never get my card info for consumer purchases again. I do use their post promotion service but use a dedicated credit card solely for that purpose.