Facebook's online payment system could eventually overtake eBay's crown jewel, PayPal.
Facebook recently announced that it is testing a system that will allow users to buy physical merchandise using the site's online payment platform, according to Dow Jones. Currently, Facebook's system only allows users to purchase digital items such as flowers and greeting cards.
'It's not an easy business to do well, but Facebook has a good shot at it. It is a [long-term] threat,' said an analyst at Broadpoint AmTech.
Recent developments at the site could mean online payments represent a significant part of Facebook's future. Over 70 percent of Facebookers live outside the U.S. and the payment platform now accepts 15 different currencies. Some analysts have speculated that Facebook will begin by running the platform like an online 'wallet,' says Dow Jones. The next step would be to launch Facebook Connect, which would offer users the chance to use their accounts on third-party sites.
According to PayPal, the website has over 75 million active accounts in 190 markets using 19 different currencies. Facebook has approximately 250 million users.
Facebook recently announced that it is testing a system that will allow users to buy physical merchandise using the site's online payment platform, according to Dow Jones. Currently, Facebook's system only allows users to purchase digital items such as flowers and greeting cards.
'It's not an easy business to do well, but Facebook has a good shot at it. It is a [long-term] threat,' said an analyst at Broadpoint AmTech.
Recent developments at the site could mean online payments represent a significant part of Facebook's future. Over 70 percent of Facebookers live outside the U.S. and the payment platform now accepts 15 different currencies. Some analysts have speculated that Facebook will begin by running the platform like an online 'wallet,' says Dow Jones. The next step would be to launch Facebook Connect, which would offer users the chance to use their accounts on third-party sites.
According to PayPal, the website has over 75 million active accounts in 190 markets using 19 different currencies. Facebook has approximately 250 million users.
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