SOCIAL NETWORK Facebook is testing its own payments system to offer a better checkout experience on mobile, the firm reportedly confirmed to Allthingsd. While Facebook confirmed its plans, it didn't spill many details about its upcoming payments system. However, according to Allthingsd the service will allow mobile shoppers to make purchases on their phones using their Facebook login details rather than competing service Paypal. Paypal doesn't seem bothered that Facebook is looking to take it on in the mobile payments market and said it welcomes the competition. A Paypal spokesperson said in a statement, "We have a great relationship with Facebook and expect that to continue. Our customers love using Paypal on Facebook." Paypal continued, "We've been investing in mobile payments since 2006, and last year 10 percent of our total payment volume - $14 billion - was from mobile devices. However, we always welcome competition and look forward to seeing what Facebook will announce." Read more http://www.theinquirer.net/inquirer...sting-a-paypal-competitor-for-mobile-payments
