services, specifically in the area of electronic exchange of money between users of their networks. Facebook is reportedly waiting for the permission from the central bank of the Republic of Ireland, which would make the social network an institution for electronic payment, exchange and storage of funds modeled after the popular PayPal service in Europe.
Twitter is currently working with a start-up company Stripe which is dealing with digital payment for goods and services, and are very close to it to enable users to purchase directly through their social networks. People familiar with the collaboration say that credit card payments in the future could be confirmed very easily, with tweeting. With the same move, Twitter could enable companies to offer products and services, and in that way open another channel for generating revenue.
PayPal last year launched their system called Here, which allows users to buy products in certain stores that support their system of "digital wallet". It enables customers to pay by simply placing their smartphone near the PoS device, instead of using cash credit cards.