Facebook to take on Paypal with a payment system of its own



Facebook(s fb) is building an online payment system to take on industry giant PayPal(s ebay), according to AllThingsD. Facebook’s service would let online shoppers pay for their purchases using their Facebook ID and log-in, provided they have already linked their credit card information with their Facebook account. Other competitors in this market include Google(s goog) and Stripe.

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