Mobile payments to be rolled out by Facebook

<p>Facebook is set to try a new mobile payments feature.</p>

Social networking company Facebook has confirmed in a statement that it is looking into making a move into the mobile payments industry.

The firm, which has one billion users signed up to its website, wants to use payment details added by users to automatically fill in forms when they make purchases on mobile applications.

Facebook's spokeswoman Tera Randall said in a statement that the decision has been made by the company to test how it can help its app partners provide a simpler commerce experience.

She added the firm has a "great relationship" with PayPal, which is one of the biggest processors of online payments, indicating Facebook is not looking to take over this market.

Manoj Menon, managing director of consulting firm Frost & Sullivan, told the BBC that Facebook wants to become a platform for ecommerce deals to happen.

The share price of Facebook stands at 36.56 and will open at this level when the Nasdaq opens later today (August 16th).

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