Facebook CEO Mark Zuckerberg
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 a user of retail site's mobile app to automatically fill in credit card information with a drop-down menu, if that credit card info is stored on Facebook.
Update: Facebook has clarified that this is not an addition to Facebook's mobile app, but a feature that retail stores and app developers can build into their own apps.
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 Autofill will work with PayPal, as well as Braintree and Stripe.
The feature is supposed to be a way to make it easier to shop on a smartphone. 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 unless you use the two apps currently testing it, JackThread and Mosaic, and your credit card info is stored on Facebook.
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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