Facebook reportedly aims to get ahead of Apple with new payments service

By , Apr 14, 2014

Facebook Home launch (Mark Zuckerberg 001)

Get ready to pay for items using Facebook, as the social network is said to be planning a payments service that could launch before the rumored iWallet from Apple.

Facebook hasn’t officially confirmed the service, but it’s working to receive regulatory approval for it in Ireland, according to a report from the Financial Times. The service is said to allow users to store money and make electronic payments through the social network. Essentially, it will put Facebook in competition with Google Wallet, PayPal,  Isis, Square, and soon Apple, if the rumors are true…

The publication didn’t report which countries or when the Facebook payments services will be available. However, it’s said that past regulatory approval, Facebook has worked for partnerships with three London-based startups who focus on payments and processing: TransferWise, Moni Technologies, and Azimo.

It may seem a little far fetched for Facebook to pursue such a service, but with its recent acquisitions including WhatsApp and Oculus VR, it’s clear the company plans a little more than just status updates in its future. Conceivably, Facebook could integrate a banking feature across its mobile apps, website, and third-party web merchants like Amazon. 

Facebook isn’t the only company pursuing a jump into mobile payments. Tim Cook, CEO of Apple, said in January during a quarterly earnings call that the company’s interest in mobile payments was part of the reason the Touch ID fingerprint sensor was placed in the iPhone 5s. Furthermore the Wall Street Journal, a publication long credited for its scoops, reported Apple is developing a mobile payment service with iTunes accounts in mind. 

Mobile payment services thus far have really failed to take off. Could Facebook, who has 1.11 billion people using the site each month, be the right company for the task?

iDownloadBlog has reached out to Facebook for official comment, and will update you if we hear back.

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  • David Gitman

    Still waiting for whatsapp update.
    Maybe Facebook will add whatsapp for iPad with the VOIP update?

  • http://facebook.com/lodigabriel Gabriel Lodi

    Am I the only one that’s happy with PayPal?

    • jack

      Paypal’s taxes are too high they need competition

    • Jonathan

      Nope lol

  • James Gunaca

    No thank you. There is a point where too much information with one company becomes an issue. Facebook is it.

    I’d rather give a little bit to a few companies than everything to just one. A data breach with Facebook would be horrible if they had all the personal data they have PLUS financial data.

    • James Gunaca

      Google has been doing the same thing which is why I stopped using a bunch of their services…scary.

      • http://mezcudi.tumblr.com/ Mezcudi

        agreed

  • Matt

    What’s next from Facebook. Are they gonna start mainf TV’s, computers, phones as well?!?

    • James Gunaca

      I doubt they’ll move into hardware anytime soon. They are a software company and that’s about it. Oculus is their first major hardware move, but they didn’t grab them for manufacturing of hardware…but engineering talent

  • Ben Barros

    Facebook charging LOL