Facebook to start testing 'Paypal Killer'
In their latest bid to take over the Internet, Facebook is about to begin testing a mobile payment product, which they describe as a ‘Paypal Killer.’
If you give your credit card details to Facebook (haha as if!), then you’ll be able to pay for things via Facebook on your mobile using partnering e-commerce mobile apps. And because your card is already registered, you don’t have to input any details, making it a speedy way to pay.
Oh, and of course, it’ll give Facebook all the consumer information it needs to target you to the grave with ads about belly fat and promoted posts about ugly shoes.
However, Paypal, who have the Internet payment business sewn up on Facebook and elsewhere, don’t seem too worried just yet. ‘We’ve been investing in mobile payments since 2006, and last year 10 percent of our total payment volume — $14 billion — was from mobile devices,’ said a spokesman. 'However, we always welcome competition and are looking forward to seeing what Facebook will announce.’
(Translation: ‘Yeah, whatever. Just try to take us on, SUCKERBERG.’)
So will the social network managed to beat Paypal at their own game? Personally, with Facebook’s track record for privacy not being tooooooo brilliant, I think I would rather give my cashcard to a bloke called Nobby and ask him to go to the shops for me instead.