MySpace Will Come Out With A Payment Platform (Maybe Before Facebook)

Facebook has been rumoured to be building a PayPal-like micro payment platform for months now, but News Corp.’s (NWS) MySpace might beat them to the punch.

According to TechCrunch, MySpace COO Amit Kapur said today at the Web 2.0 Summit in San Francisco that the company is working on virtual gifts — à la Facebook — and a payment platform that would be available to widget developers.

What’s the point? Some widget makers think that a uniform, official payment system could be the key to making money on social networking sites. Why? It would make it easier (and potentially safer) for users to actually buy stuff. And the networks would win too, charging a fee on every transaction (à la PayPal).

See Also:
Is Facebook Gearing Up To Launch A Payment System?

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.