Facebook is rolling out a new payments feature that will let you easily charge items to your credit card while shopping on your smartphone, Facebook has confirmed to Business Insider.
The feature is called "Autofill with Facebook" and it's starting to roll out to a small number of users on Monday evening, as first reported by AllThingsD's Mike Isaac.
Essentially, the feature will allow the mobile app user to automatically fill in credit card information with a drop-down menu.
There's been a lot of speculation about what Facebook's new payments product would be and if it would compete with PayPal. This new feature will not compete.
Quite the contrary, Facebook will work the PayPal, as well as Braintree and Stripe on the test.
The feature will be a way to get rid of the difficulty in using a mobile phone to shop online, not as an alternative to using a credit card. Those tiny screens don't make it easy to enter credit card data.
Even though the feature is supposed to go live in the wild as of tonight, it is expected be a small test, so chances are you won't see it on your Facebook app, yet.
Here's the full statement Facebook sent:
"We are working on a mobile payments test called Autofill with Facebook that gives people the option to use their payment information already stored on Facebook to populate the payment form when they make a purchase in a mobile app. The app then processes and completes the payment. The test is designed to make it easier and faster for people to make a purchase in a mobile app by simply pre-populating your payment information. Today we started publicly testing Autofill with Facebook on two iOS apps – JackThread and Mosaic. These integrations will start slowly rolling out to people this week."
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