Facebook is believed to be working on a new e-payments platform for consumers that will make it quick and easy to buy goods and services via mobile devices.
The idea behind the service is to make it possible for consumers to only ever input their credit card billing information to one merchant but after that they can continue to buy on other merchants’ apps without having to input their billing information.
According to AllThingsD, JackThreads, a flash-sale shopping site for young men, is the first pilot partner because there is a demographic overlap with Facebook users, such as gamers who already have provided the social network with billing information.
The new payments platform will pit Facebook against other online giants such as PayPal, not to mention Google, Amazon and up-and-coming payment platform providers such as Stripe and Braintree.
Mobile money image via Shutterstock