Social networking site Facebook and eBay owned online payment service company PayPal have tied-up to enable PayPal services in Facebook’s advertising and developer systems. As per the agreement, advertisers on Facebook will be able to use PayPal to pay for Facebook Ads through the company’s online advertising tool. The company claims that due to this partnership businesses in ares where payment process are difficult and expensive, PayPal will make it easier for advertisers, especially small international companies.
PayPal will also power payment options for Facebook Credits, which users use to buy virtual goods like gifts on Facebook. PayPal appears to be currently only available to a small subset of Facebook users.
PayPal has 81 million accounts in 190 markets and 24 countries , Facebook has more than 400 million users with 70 percent outside the US, so the opportunities for both are immense. According to the site, currently only credit cards and co-branded debit cards (VISA or MasterCard and American Express, Discover or JCB for certain currencies) are the accepted method of payment. For buying Facebook credits, there is an additional option besides credit cards of buying credits through your mobile phone powered by mobile payment provider Zong.
PayPal due to restrictions by RBI on online wallets had to abruptly stop its P2P payments and withdrawal from Indian banks for users attempting to send money from and to India. Will Facebook choose another online payment firm for India?
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