Facebook Starting New Payment Method

Posted Aug 20, 2009

Facebook is in the midst of launching a new payment service for the applications built around their social network platform.  This could be a new revenue source of Facebook.  The new feature is called Pay With Facebook.

The Pay with Facebook feature was first spotted by InsideFacebook within the GroupCard application.  Inside the GroupCard application.  The virtual goods being sold within GroupCards sell for between $3 to $25.

When a user clicks on the Pay With Facebook option, a pop-up window appears with the invoice.  Facebook will then charge the credit card that they already have filed or ask you to input a new credit card. I’m assuming that Facebook takes a commission for transactions made through their system just like PayPal.  This could be huge for the social network in terms of having a new revenue stream.