Is Facebook Planning to Compete with PayPal for Mobile Payments?

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Posted 3 years ago

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AllThingsD reports that “JackThreads, a flash-sale shopping site for young men”, will be a partner in the venture with Facebook.

Facebook’s new product would allow mobile purchases to be made via Facebook login.

This new service could give Facebook further insight into the habits of their members’ shopping habits.

“It sounds like a dead-on competitor of PayPal,” said Sucharita Mulpuru, a retail analyst at Forrester Research.

PayPal’s take on this topic — from a PayPal spokesperson: “We have a great relationship with Facebook and expect that to continue. Our customers love using PayPal on Facebook. 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. However, we always welcome competition and are looking forward to seeing what Facebook will announce.”

Stay tuned for further developments.

Charles Herrion

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