Is A Facebook Payment System In The Works?

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July 1, 2009 – Finding successful ways to monetize social media has had developers and online marketers chomping at the bit for months. While several high profile companies have had documented success using social media to further their own marketing goals, the social media platforms themselves are still strugging with how to turn a profit from their overflowing popularity.

A few weeks ago we wrote about an article in the New York Times where a Twitter representative discussed their possible move to include a shopping portal directly on Twitter where fans could get reccommendations for products and then purchase them without leaving the website. Now Facebook might be developing similar technology (via Search Engine Watch).

Facebook recently hired an ex-Google Checkout Director to possibly develop new a Facebook payment system that would hypothetically allow marketers to create entire storefronts, classified ads, and other opportunities for Facebook users to buy products on Facebook using real money (as opposed to the virtual currency used by a number of Facebook applications).

Right now it seems like it’s almost a race between Twitter and Facebook to see who can get people shopping first, although when it comes down to it, whichever social media platform develops a better, easier, payment system will likely win out in the end vs. who gets the ball rolling first.

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