There’s no doubt that Facebook is developing a Web payment platform to rival those of Google, Amazon and eBay (PayPal). But Facebook may also be looking to crack one of the biggest nuts in the online payment world, which is mobile. Facebook spokesperson Kathleen Loughlin confirmed reports that the social networking site has hired Prashant Fuloria, a former Google employee who worked on Google Checkout; given Facebook’s obvious focus on mobile Web applications, Fuloria’s direction is clear.
The principal roadblock to facilitating mobile payments is the mobile carriers themselves. In order to charge customers, sites can pick from two equally deadly poisons: allow customers to charge products or services to their wireless bill, which is transparent and easy but costs the vendor close to 30 percent of the transaction price; or else they have to ask customers to pick a payment method like a credit card or a PayPal or Google Checkout account.
To read more please see Facebook Developing Mobile Payment Future on my BNET Technologies blog.
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