Facebook is Developing PayPal Style Payment Service For Mobile Devices

Facebook is planning to test a new payment service that will allow online users to make purchases on mobile apps using their Facebook account information, according to some sources the product will allow shoppers who previously provided Facebook with their credit details to shop on partnering e-commerce mobile apps without having to enter their billing information again.

At the moment Facebook has said that they intend only to provide one-click access for checkout and not to actually process payments like PayPal or Google checkout.

Google also launched their service back in 2011 but it hasn't done well since there are big competitors out there which are more popular like Amazon Payments.

Amazon's Paypal still continues to dominate the online payments arena, but hopefully it will get a competitor soon.