Facebook reportedly working on a payment gateway, may go head-to-head with PayPal

Amid a series of speculations erupting across the web on Facebook trying out their own payment gateway, the news seems to be getting stronger day by day. Anther such news has come up, this time it says it is confirmed, that the social networking firm is indeed testing a new payment product that would go head to head with other existent payment gateways topped by PayPal. The report reveals that the new gateway will allow Facebook users to shop for mobile apps available in the app section.

Facebook has toyed with payment for quite sometime with the firm launching an updated mobile payment flow last year letting users to pay their carrier for purchasing anything from an app. Although, Facebook hasn’t revealed a word about the same, speculation has come that the feature launches somewhere in the next month. Users shall have to provide Facebook with their credit card info and by simply logging into their accounts, they will be able to purchase any apps of their choice with the help of the new payment gateway. Although Facebook continues to share its financial transactions with PayPal, the new development might be something new in its functionality.

With over a billion users aboard and its revenue growing by multiple folds, Facebook definitely wants to increase the flow with such enhancements. It will be interesting to see how the ‘not-really’ PayPal competitor fares in days to come.

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Source: Google News