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Monday, August 26, 2013

Facebook Testing Mobile Payments

Facebook is testing a mobile payment platform that will let users pay for online purchases by logging in with their Facebook credentials. The platform is being developed as an in-house project for the social media giant.

The biggest obstacle facing the project is users’ distrust, Denee Carrington, a senior analyst at Forrester Research, told Information Week. Her research found that just 4% of U.S. consumers trust Facebook with a mobile digital wallet.

After it addresses privacy and security concerns, Facebook will need to focus on user experience, according to Jordan McKee of the research firm Yankee Group.

“Since Facebook profits from user data, the concept of offering payment credentials in addition to personal information may not sit well with many,” he said. “Facebook must also put tremendous emphasis on the user experience. If they don’t find Facebook’s offering to be intuitive, easy, and seamless, it will gain little traction and potentially dilute its brand.”

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