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Facebook Mobile Payments Test Moves Towards Portable Digital Identity

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Facebook Mobile Payments Test Moves Towards Portable Digital Identity

Facebook is testing a new online payments feature for third-party mobile apps.
Facebook, which confirmed a report by AllThingsD, said it is doing very early testing of a system that stores credit card data and then charges transactions with PayPal or other providers on third-party mobile apps. Facebook is testing the payments system with ecommerce company JackThreads.
But Facebook is not going to actually conduct the payment transactions, the social networking giant said in a prepared statement. It will use third parties, including PayPal, Stripe or Braintree for that. But Facebook would store the credit card numbers that people have used before for making purchases with Facebook Gifts, or games on Facebook. The idea would be to make it easier for people to make payments on third party mobile apps by clicking a Facebook button, instead of having to enter a credit card number. That would also help Facebook’s ad business because advertisers would see higher conversions if payments are easier to transact.
Facebook in a statement the new feature does not move away from existing payments providers like PayPal:
“We are working on a very small test that gives people the option to use their payment information already stored on Facebook to populate the payment form when they make a purchase in a mobile app. The app then processes and completes the payment. The test is designed to make it easier and faster for people to make a purchase in a mobile app by simply pre-populating your payment information.  It will be a very small test with 1-2 partners. Additionally, this test does not involve moving the payment processing away from an app’s current payments provider, such as Paypal.  We continue to have a great relationship  with our payment processing partners, and this product is simply to test how we can help apps provide a simpler commerce experience.”
Regardless of whether Facebook is conducting the actual payment processing, this is a major move for Facebook. First it provides benefits of higher conversion rates for advertisers and app developers. Secondly, it moves Facebook more in between ecommerce transactions, something that it has more trouble doing on mobile because of the App Store and Google Play. In the future Facebook could eventually buy a payments processing company or build that functionality. Others like Amazon and Apple have been successful by storing users’ credit cards for ongoing transactions
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