TechHive: Facebook readies roll-out of mobile payment system for e-commerce

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Facebook readies roll-out of mobile payment system for e-commerce Aug 15th 2013, 16:52, by Evan Dashevsky Over the next month, Facebook is expected to roll-out a mobile payment system that will allow users to make purchases with just their Facebook login on partnering e-commerce mobile apps. According to a report from AllThingsD, the first partner using the new system will be dude-centric online clothier JackThreads. The payment system would utilize stored credit cards that Facebook already has in its system, which users have been using within the site forincreased promotion, in-game purchases, and gifts. If pushed beyond the limited test phase, the new payment system would place Facebook squarely in competition with established players like PayPal, any number of new startups in the space, and perhaps eventually even the credit card networks themselves. Why now? The new payment initiative follows an announcement in early June when Facebook announced that it would phase out its Credits system of payments for all games. The social network aims to convert to local currencies by September 12, instead of using what was basically a virtual incarnation of amusement park "fun bucks." To read this article in full or to leave a comment, please click here Media files: facebook_payments-100050224-small.jpg

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