Yesterday we linked to a post from Wired about Facebook and Google battling for online domination. Today Business Insider announced that Facebook is looking to compete with Google, Amazon and eBay with a new “Pay with Facebook” payment system.

According to insider sources, Prashant Fuloria, the man behind Google Checkout, left Google last month and is now in charge of the “Pay with Facebook” feature.

Facebook will look to tapping into its user base to help fuel this new feature. There is a chance this could become highly successful. Facebook sold over $15 Million dollars worth of virtual “gifts” a few years back via credit/debit card option. They’re own “Pay with” option will make it even easier for users to buy and send the virtual “gifts”.

(Via BusinessInsider)