Page 1 of 2 12 LastLast
Results 1 to 10 of 11

Thread: Now the Paypal Killer? Could it be Facebook?

  1. #1

    Now the Paypal Killer? Could it be Facebook?

    Okay, seen a lot of companies come and go when it comes to competing with paypal (anybody remember stormpay?).
    Then google, amex, and amazon jumped in with their own schemes, none of which ever really gained traction.

    Now comes facebook!
    We all know how huge they are and how many people use facebook daily.
    Facebook had their own digital currency, but recently dropped it for real money in dollars, yen, pounds, etc.
    Now they are in talks with major banks to have facebook be the gateway to those banks.

    Last month, the company made a very significant announcement, when it revealed that it would ditch Facebook Credits (historically used to pay for virtual goods within Facebook app) in favor of real, native currencies (Dollars, Pounds, Yen, etc.).

    The company didn’t reveal any specific plans to offer payments for goods and services in the physical world, but the move clearly puts Facebook in a position to compete more directly with PayPal (which you can use to pay at places like Starbucks, by the way).

    Over 900 million people have Facebook accounts, which are easily accessible via mobile phones, in users’ pockets at most times of the day. If Facebook can convince users to keep their money tied to their Facebook accounts, the company could have a tremendous advantage in the payments space, particularly since users are already spending so much time interacting with content with those accounts.
    Facebook obviously has a major hurdle to climb before the majority of users start putting their money into their Facebook accounts, or doing any banking with them. The company doesn’t exactly have the greatest reputation when it comes to user privacy, and that’s a major problem when you’re talking about money.

    So, can facebook jump the hurdles in the way, like privacy and hackers, etc?
    If so, would you do your banking with them?
    Would you use them instead of paypal?

    Read all about this here:
    http://www.webpronews.com/would-you-...cebook-2012-07

  2. #2
    Join Date
    Aug 2012
    Location
    Salem, OR
    Posts
    32
    I know I'm new here, and maybe you're the forum prankster , but I think this is the most frightening thing I've read all year.

    Facebook has proven time and time again that #1 - users of the site are not what it's all about, and #2 - privacy is a matter that, well, doesn't matter.

    If I can't trust them to keep my privacy settings where I put them, why on earth would I trust them with my money? That's lunacy.

    (I'm also surprised this thread didn't get more attention.)
    Life is meant to be experienced, not observed. ~ Me

  3. #3
    Not to argue with what's posted above, cause Facebook Security is at best an oxymoron, but if a Facebook user has the ability to shift funds to another FB user... I suspect it'd catch on. They have a huge advantage in numbers, and people have been openly bitching about PP for long enough it might fly.

    That isnt to say it wont become a nightmare, just saying Facebook is populated by a cross-section of the web with the average user having substantially less exp than PP acct holders. They wont know to be wary.
    -- Do not meddle in the affairs of dragons, for you are crunchy and good with ketchup. --

  4. #4
    Join Date
    Aug 2012
    Location
    Salem, OR
    Posts
    32
    That's exactly it, Rob. People still willingly email their credit card numbers, have no clue what the little lock icon is in their address bar (or even know it's there, or even know what an address bar is). I think FB would adhere to federal banking statutes, toe the line on all laws, and not go one bit further to protect their users. It's like inviting a billion hungry people to an all you can eat buffet, hosted by the Lions, Tigers, and Bears Society.
    Life is meant to be experienced, not observed. ~ Me

  5. #5
    Quote Originally Posted by KatOh9 View Post
    It's like inviting a billion hungry people to an all you can eat buffet, hosted by the Lions, Tigers, and Bears Society.
    Oh my. [yes, i went for the cheap line.]
    -- Do not meddle in the affairs of dragons, for you are crunchy and good with ketchup. --

  6. #6
    I would not put a nickel in a FaceBook account. The security issues are not the only concern. Zuckerberg has repeatedly been caught selling members' personal information to advertisers in violation of their own privacy policies. That raises an issue of the lack of moral and ethical values with the clowns that run the FaceBook circus.

    Quote Originally Posted by KatOh9 View Post
    It's like inviting a billion hungry people to an all you can eat buffet, hosted by the Lions, Tigers, and Bears Society.
    This is a brilliant analogy. You are showing great potential for a new member! Keep 'em coming, KatOh9.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


  7. #7
    Yeah... Turns out this ones a ringer, TD. One of those friends i've known on the net since about '99 and have just never met in person. we've worked together in a couple of venues.
    -- Do not meddle in the affairs of dragons, for you are crunchy and good with ketchup. --

  8. #8
    Join Date
    Aug 2012
    Location
    Salem, OR
    Posts
    32
    (In other words, I'm a robjones groupie.)

    And thank you for the kind words, TopDogger.
    Life is meant to be experienced, not observed. ~ Me

  9. #9
    I wouldnt say that. [at least not if i didnt wanna wake up next to a horses disembodied head... Wimmin are skeery]

    Appreciate you tracking this thread down tho. Missed it when he posted it. Musta been the day i organized the sock drawer or something. Like you n TD, i'd be real cautious about putting financial info in near proximity of a fb account. Just saying i am not sure most fb users would be so careful.
    -- Do not meddle in the affairs of dragons, for you are crunchy and good with ketchup. --

  10. #10
    I have to say that I am impressed with your draftee (sounds safer than 'groupie'). I think the overall average IQ for the forum just went up a couple of notches.

    You need to draft a few more like KatOh9.
    "Democracy is two wolves and a lamb voting on what to have for lunch. Liberty is a well-armed lamb contesting the vote." -- Benjamin Franklin


Page 1 of 2 12 LastLast

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •