It has been reported today that Facebook is currently in the process of developing and testing a new mobile payment system that when launched will be a direct competitor to PayPal.
The new Facebook mobile payment service is being designed to make it easy for Facebook uses to make purchases using their Facebook login details.
Development of the new Facebook mobile payment service has been leaked by sources close to Facebook, who also explained that any shopper who has previously entered their credit card details on Facebook to make purchases via other e-commerce mobile apps that have partnered with Facebook without entering billing information.
When and if Facebook launches their new payment service it will go in direct competition wit the likes of PayPal, Amazon, Google as well as lesser know startups such as Stripe, Braintree and Klarna. It will be interesting to see the Facebook payment rollout how it develops over the coming months and as more information becomes available we will keep you informed.
Source: All Things D