Here’s Facebook’s Latest Collaboration to Make Mobile Payments Easier
Facebook (NASDAQ:FB) is working with app developers and payment processors to make online purchases via mobile faster and easier. On Monday, the social network released its “Autofill With Facebook” option, a partnership with eBay’s (NASDAQ:EBAY) PayPal, Braintree Payment Solutions, and Stripe to e-commerce sites JackThreads and Mosiac that allows users to autofill payment and shipping information via their Facebook profiles instead of having to take the time to type that info into a smartphone or tablet screen.
According to a report from TechCrunch, the service is not competing with eBay’s PayPal or Braintree — at least for now. Although it was previously reported that Facebook wanted to challenge PayPal with its own service, it seems as if the site is settling for a collaboration. PayPal, Braintree, and Stripe will still receive their processing fees through the deal, which Facebook believes will make consumers more likely to make purchases because Autofill With Facebook reduces the buying process to basically one click.
But some have pointed out that this doesn’t mean Facebook won’t try to undermine payment services like eBay’s PayPal in the future. Once the social networking site gets the credit card information of enough of its users, it could start its own payments processing service and take its own cut from mobile purchases.