Facebook Entering the Mobile Payments Space?

According to a report Thursday from All Things D, social networking giant may be ready to enter the mobile payments space. 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. Mobile payment …   Read More

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Facebook Entering the Mobile Payments SpaceAccording to a report Thursday from All Things D, social networking giant may be ready to enter the mobile payments space.

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.

Mobile payment platforms – especially mobile credit card readers for smartphones and tablets – represent a healthy trend we’ve been watching accelerate dramatically in recent months on MMW.

“Many entrepreneurs and small business owners have decided to ditch the old school brick and mortar model to embrace the latest trend to hit the business world, mobile businesses,” reads a recent blog post from mobile payments giant PayAnywhere. “The newest way of conducting business allows owners to take their products directly to customers instead of waiting for consumers to come to them.”

Although it doesn’t look like Facebook is entering the mobile credit card reader fray, it’s still poised to move into this promising young industry.

“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,” reports All Things D, adding that “Facebook confirmed the test, which is expected to launch in the next month or so.”

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