Could This Eventually Take On PayPal and Google Checkout?

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7 commentsThursday, May 14, 2009

Facebook Begins Testing Payments System

Could This Eventually Take On PayPal and Google Checkout?

7 Comments

By Link Building Services (WPN reader) - Mon, 05/18/2009 - 02:15

Competition

Good to see some competition. Paypal is enjoying absolute monopoly at this time. More reliable players in the arena means better services and charges to the consumers.

By Dan (WPN reader) - Sun, 05/17/2009 - 15:04

Do you mean: McDonald's will

Do you mean: McDonald's will become a Bank also?

By Sin (WPN reader) - Sun, 05/17/2009 - 12:23

Mark my words...

Facebook will be the next Google within the next 5 years. Google will be known as the "Yahoo" of now then.

By Dave (WPN reader) - Sun, 05/17/2009 - 09:15

I'm not sure how comfortable I am with social networking sites turning into CC processors. Yeah, I love how FB is a "friendly" company but after their recent changes (with very little user feedback taken in) I'm doubtful.

PayPal is one of the market leaders as it does only ONE thing, ONE account can work for many sites, etc etc. Customer support is terrible though and disputes are a nightmare, and you can get your account shu down pretty easily.

It'll probably work great but I think there needs to be some seperation from FB, FB apps and FB payments...eg if they tag your account as fraudulent in FB payments does that also mean they will shut down your FB and FB apps accounts?

By Soccer Jersey (WPN reader) - Fri, 05/15/2009 - 10:43

Good to have more payment option.

It has been to long and user taken for granted by paypal. It is good to have other option. Keep it up.Regards,Soccer Jersey

By Adam (WPN reader) - Fri, 05/15/2009 - 02:53

I think this could be huge

I think this could be huge for Facebook - they're already a well known brand which people trust and are familiar with. I reckon this will lead to people being able to purchase functionality from the Facebook site - as soon as they have your card details, the offers will come flooding in.

By Frank N Stein (WPN reader) - Thu, 05/14/2009 - 21:32

V Good

The rewards for healthy competition go far beyond monetary.
Safety and convenience in payment methods is important and has been hard fought in this country for 200 years. Established methods that are comfortable for many people including checks, money orders and bank transfers are used for a variety of reasons and there will always be a need for them. The spouse that is attempting tore-establish a trusted history and record of transactions, the temporary internet visitor, the occasional user who may only wish to use one account. There will be room for many such online improvements, just don't make the Paypal mistake of alienating your members withan over restrictive policy. We were born trusting the words on our printed money:
THIS NOTE IS LEGAL TENDER FOR ALL DEBTS PUBLIC AND PRIVATE.