The future for Facebook appears even more promising than initially anticipated as the firm now considers jumping into mobile payments. PC World reported on August 16, 2013, that Facebook is reportedly looking to get into the mobile payments game. If this works out businesses will gain the benefit of monetizing their Facebook presence and will be able to greatly simplify the process of turning Facebook followers into sources of revenue.
Competitors should be concerned about this news. Facebook is now the online destination where users spend the most time each month, and the firm represents a dominating force in whatever market it chooses to compete in. Facebook mobile payments would be a logical culmination of the framework Facebook has created for businesses.
Businesses have already been encouraged to develop a Facebook presence and to build a following of loyal customers to "Like" and to share information with about the firm with their extended social networks. Businesses will be able to streamline the process of turning social relationships with customers into a revenue stream with Facebook mobile payments.
ABC News has reported Facebook is planning to test a mobile payments service. This service allows users to make purchases inside mobile applications using payment information which they have added to their account on Facebook. Facebook Inc. has said that it is working on a small test and there is no set schedule for making this service available to users.
Facebook spokeswoman Tera Randall stated in an e-mailed statement that Facebook has a great relationship with PayPal, and that this product is simply to test how Facebook can help its app partners provide a more simple commerce experience. Facebook users are now waiting anxiously to see what this new mobile payment scheme may have to offer them.