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News Now

CU System
Payment companies tackle social networking
MADISON, Wis. (2/25/10)--Two online payments companies--Pay Pal Inc. and ClickandBuy International Ltd. of the United Kingdom-- have introduced applications that allow users to make purchases on Facebook Inc.’s social networking website. PayPal said customers can use its service to buy Facebook credits--used to buy virtual items in online games--and ads (ATM&Debit News Feb. 24). ClickandBuy has created a Facebook application that allows users to purchase virtual goods, content and services offered on the site, and conduct person-to-person fund transfers. Credit unions using social networking media to attract the younger set may want to monitor the new type of applications for possible future innovations. The two companies’ applications are indicative of the coming together of real-world and virtual currencies--particularly for low-value transactions, Beth Robertson, director of payment research at Javelin Strategy and Research, told the publication. “One of the key points of our payments platform is the ability for it to be integrated into what other people are developing,” Anuj Nayar, PayPal director of global communications, told the publication.


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