Boston, MA 10/06/2014 (wallstreetpr) – The race for payment systems is heating up after reports emerged, claiming Facebook Inc. (NASDAQ:FB) was planning to launch its system to compete against PayPal and Venmo. The move does not come as a surprise as the company highlighted its intentions earlier in the year with the poaching of David Marcus, who was PayPal’s president.
Service Targeting Low Fees Credit Cards
Co-founder and CEO, Mark Zuckerberg, has in the past reiterated Facebook Inc. (NASDAQ:FB)’s desire to tap into the payment services space although a breakthrough was not imminent. Getting it right from the word go seems to be Facebook’s main goal seen by a delay in launching of the same.
A TechCrunch Tipster has already shown screenshots and video of what is believed to be Facebook Inc. (NASDAQ:FB)’s new payment system that is to be used for iOS devices. The service according to the leakage will allow Facebook users to send each other money using the same procedure used when attaching a photograph to a message. The service according to rumors only allows debit cards with low processing fees with simplified procedures when configuring with bank accounts.
Facebook Financial Power to make it Happen
The most attractive feature that will make Facebook Inc. (NASDAQ:FB)’s system more attractive according to the leak is that it does not charge any fees compared to other services currently on offer. Fees will certainly be imposed later on, once the service gains the much-needed traction and popularity with the network users.
It is still in early stages to speculate when the service will be made available for use, but considering Facebook Inc. (NASDAQ:FB)’s financial muscle, anything can be achieved within the shortest time. Facebook has already developed a checkout service similar to Amazon.com, Inc. (NASDAQ:AMZN) Payment, signaling its intention to tap into the fast-growing mobile payment space
