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According to multiple online sources, Facebook is planning to challenge Google’s Checkout and eBay’s Paypal with their own version of a “Pay With” option.
Facebook’s option, dubbed “Pay with Facebook” and will take a huge chunk of the market away from already established Paypal and Google Checkout. Here are 4 reasons why:
Facebook Connect
Facebook Connect has been a hit with various sites, making it easier to leave comments and connect with other users on the site. Connect is a one click option that many users prefer than having to register with the site or type in codes to verify a comment. Facebook connect has also increases user interaction, with multiple web publishers claiming user registrations and comments increasing immediately.
Prashant Fuloria
Most people might not know this man, but he was the genius behind Google Checkout, Google’s pay with option. Last month he left Google after 6 years, for Facebook and is the man behind the “Pay With Facebook” feature. Fuloria is the latest ex-Google employee (Xooglers) to jump ship over to Facebook, giving Facebook a strong foundation to challenge Google for Internet domination.
User Base
Paypal claims to have a user base of more than 100 million. Facebook’s current user base is over 250 million. Even if a portion of their user base decides to use the “Pay with Facebook” feature, it’s still a significant chunk of people. This number could increase if merchants decide to offer a “Pay With Facebook” option. Facebook is planning to make it similar to Facebook Connect, a one-click pay option.
Gifts
Remember those tiny virtual “gifts” everyone was sending to each other when Facebook first introduced them? (You know you sent out some yourself). The virtual “gifts” made Facebook a fortune to the tune of over $15 million. And now Google has their sights on making more money off of the virtual “gifts”.
If users are willing to buy these gifts with a credit card, it’ll only be easier once a one-click option is introduced. This will make it easier for merchants: no registration required, just click, buy and send. Gifts are a small indication of what Facebook can do.
So, look out Google and Paypal, Facebook is coming for you and you better be ready for a fight for your users, customers and merchants.
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TucTo on Feb 05, 2010 01:00pm
TucTo on Mar 06, 2010 07:00pm
JinraIlustrisimo on Feb 17, 2010 05:00pm
DerekWu on Feb 13, 2010 04:30pm
TucTo on Feb 21, 2010 03:00pm
DerekWu on Feb 04, 2010 04:00pm
Syndicator on Feb 21, 2010 03:28am
DerekWu on Mar 02, 2010 04:26am
DerekWu on Feb 23, 2010 05:25am
DerekWu on Feb 06, 2010 01:00pm
I think Facebook would really have to go out of its way to screw this up– they have a built in customer base. I should be very successful.
@mnassal