Facebook Begins Testing Payments System

rond100 · #1 05-15-2009

Facebook will reportedly begin testing a payments system in the coming weeks. This will start with a few developers, exploring ways for users to use Facebook credits with third-party apps on Facebook.

The potential for such a system is huge. If Facebook has its way, this thing could eventually be used around the web and compete with things like PayPal and Google Checkout. Nicholas Carlson with Business Insider reports:

A source familiar with the company's long-term strategy tells us a payments system is part of a dream scenario in which Facebook not only begins making money off applications within Facebook.com, but also becomes the preferred, trusted way for its users to pay for things across the Internet. In the short term, Facebook executives believe a robust platform full of apps that either use Facebook's payments system, its upcoming ad network, or both could provide rapid revenue growth. Facebook investors hope for an IPO in the next 24 months.

Clearly, there is also a lot of potential for Facebook to make some major revenue from a payments system. Facebook has often been criticized for not being monetized like it

Facebook Begins Testing Payments System | WebProNews

**aspkin** · #2 05-15-2009

If it's anything like Facebook advertising, it would be a waste of time.

#3 05-15-2009

I have everything Facebook related blocked by my router. I won't have anything to do with Facebook. I wouldn't support payments through anything they come up with. I wonder how well it will end up for them.

gurusgrafx · #4 05-15-2009

I didn't even know what facebook was until recently. lol

Lyda · #5 05-15-2009

Its a bunch of nothing to me to.. I am not impressed.

GreenBean · #6 05-15-2009

facebook does not rock

yaw1800 · #7 05-15-2009

Whats the problem with facebook?

Lyda · #8 05-15-2009

It's boring to me... I don't need to read about people just tying their shoe laces or what they had for dinner. I also don't socialize that way... I go out! lol

GreenBean · #9 05-15-2009

The applications put me off: send me a vodoo doll because it is a fun thing to do.LOL. The quizzes are a hoot. What Vampire are you?, What sort of lover are you (not your business,baby

)

Lyda · #10 05-15-2009

Exactly, GB!!! What people see in it, I don't have a clue...

gurusgrafx · #11 05-15-2009

I have a myspace page but after I built it I didn't really see the point.

#12 05-15-2009

Aside from baby stalkers, virii, and the almost complete lack of meaningful content - nothing.

I probably just grew up, by accident.

Quote:

Originally Posted by yaw1800

Whats the problem with facebook?

GreenBean · #13 05-15-2009

FB admin are more inflexible than ebay/paypal. LOL. Their system can be ultra slow

yaw1800 · #14 05-15-2009

i dont use facebook much but it was extrememly useful for me as my brother from my father's side found me on there, we hadn't spoken for about 13 years before that.. i dont like the apps and side things but its a great tool for finding people from your past

#15 05-16-2009

123people

**aspkin** · #16 05-16-2009

Quote:

Originally Posted by Lyda

It's boring to me... I don't need to read about people just tying their shoe laces or what they had for dinner. I also don't socialize that way... I go out! lol

I think you're talking about twitter.

**aspkin** · #17 05-16-2009

Quote:

Originally Posted by yaw1800

i dont use facebook much but it was extrememly useful for me as my brother from my father's side found me on there, we hadn't spoken for about 13 years before that.. i dont like the apps and side things but its a great tool for finding people from your past

I agree, it's a good tool to keep up to date with friends or family that you don't see everyday. But their advertising sucks.. and most likely their payment system will be crap too.

Lyda · #18 05-16-2009

Yes, my son keeps in touch with his buddies on Facebook, had me sign on too some time ago so we talked on FB while he was in Boston.. but we could exchange emails, or get on the phone as well. Probably more for real young people ...or like Yaw said, if you are looking for someone.

Juicyas · #19 05-16-2009

I usually take the antisocial blah blah this sucks side of things. Twitter sucks for sure, all it is is a way for people who think what they're doing all the time is what everyone they know really wants to know (and who like to talk about themselves in the 3rd person)...

but...

I like Facebook.

* A lot of people I know don't use MSN or skype so it's good to catch up with them now they have integrated live chat and it's pop out even (I don't live in my country).
* It's good for advertising events. I run parties occasionally and it's a really easy way to get event info out to a lot of people. Of course we still do flyers but I think the info gets out to 100% more people with FB. (we used to try do email lists but it was such a hassle).
* Birthday reminders
* Photo storage and being able to see photos of friends (also good if you don't see them often)

I'm not single anymore but MAN.. 10 years ago, you'd chat to some guy/girl on the internet (we all do it!) for ages and then try not to be rude but ask for a picture and then find out they're not your type physically (please don't get all PC on me heheh)

Facebook you can know what they look like before you start chatting.. I know it's bad but it's the truth and a good reason for singles to use it.

* Good way to share links. I see a lot of you have posted your fav. Youtube videos on here.. it's quite a bit of effort compared to the 1 click it takes to get it on facebook.

In summation, I like it. I guess if I was back home it wouldn't be such a big deal but for an expat, it is great

mantisinc · #20 05-17-2009

Quote:

Originally Posted by aspkin

If it's anything like Facebook advertising, it would be a waste of time.

Facebook advertising has given me the lowest ROI I think I've ever seen.

Jonas · #21 05-17-2009

I know facebook was trying noca.com as their payment system but I think it's something else.

I personally recommend the payment system noca.com

I don;t know if facebook has found a better system, though. All online payment methods and systems either allow the seller to get scammed easily or they require a wire transfer. The only exception I've seen is one site that requires social security numbers.

**aspkin** · #22 05-17-2009

Quote:

Originally Posted by mantisinc

Facebook advertising has given me the lowest ROI I think I've ever seen.

I have had decent results with it.. but I can't scale it up for some reason. Facebook is picky on what ads they accept.