If you are a Facebook-junkie, we have exciting news for you. The biggest social media network is all set to launch its own new digital system for making mobile payments easier, thereby taking on the worldwide e-commerce business PayPal. According to experts, it is one of the biggest strategies adopted by Facebook till now for making money and the company aims to simplify purchasing as well as payment processing for mobile shoppers with this effort.
The new digital system will start on trial-basis
It is going to be an excellent opportunity for people who love to shop online through their mobile phones. Facebook is introducing an interface, which is more or less similar to that offered by the payment processing giant PayPal. Shopaholics simply need to select their desired products and put in their Facebook login details for making a payment and carrying out a purchase.
As per the report, this new digital system will get underway next month but it will run on a trial-only basis at the initial stage. Moreover, the facility will just be limited to JackThreads, the famous online retailer of men’s clothing and accessories.
How will the new digital system work?
Well, Facebook is yet to disclose the entire working procedure of the new system. But it has been reported that a fair number of users of the site have already bought Facebook credits as well as Facebook Gifts and disclosed their credit card details to the popular social media network. They do not need to enter their card details from next time onwards as the payments processor would remember it automatically and make payments on behalf of them each time they would purchase their favorite items from other online mobile shops.
Facebook, the organization that has been trying to come up as a mobile-centered competitor of PayPal, however, wants to go slow. It is not at all ready to spread this new feature over its huge user base right now as there are a lot of issues related to it.
Getting mobile shoppers convinced about providing their credit card details to the digital payment processing system is one of the biggest challenges that the company might need to face. As the number of scammers is cropping up around the social media network at an alarming rate, Facebook should ensure the trustworthiness of their initiative to get the most out of it. If everything goes well, it would help the organization make profit to a great extent.
