Had a similar idea for this - We'll probably play around with this at Kout as soon as we've sorted out our payments infrastructure - Here's a mockup I made a little while back using Twitter -
http://bit.ly/Kd0ugW= Inital Idea =
You're perpetually logged into a social network, why not pair up a payment method and leverage that connection. Always be connected to a payment method/global checkout - authorised by a 4 digit pin.
There's an array of pro's as cons for this.
= Issues for Facebook (and Twitter) =
The hurdles to get setup as a Payment Service Provider, and have the capability to preform cross-border, cross-country transactions, dealing with multiple currencies, as well as boarding merchants outside of the US, is a complete bitch.
It would be completely out of Facebook's internal focus to build and maintain this - outsourcing/partnering is a different story.
= Facebook's Cut =
Facebook takes a 1/3 cut from developers for FB Credits. They can't take a 1/3 cut from credit card processing.
They'll realistically take 2.75 - 3.5% and that would just piss off their developers who are being charged a 1/3, unless FB reduce their 1/3 cut - which I doubt they'd do.
Facebook would (probably) make more cash using FB Credits than processing credit cards - The margins are rediculously low with card processing (varies on card type) - It's game of volume.
Unless you're PayPal who charge you 2/3% for sending money between PayPal accounts. When all they're doing is ACH transfers between "dynamic bank accounts" they've setup, which costs them under 5 cents to preform.
= The trust factor = with Facebook (Guy/Girl's in Social Commerce take notice here).
Consumer's/Users whatever you want to call them simply would not trust Facebook with their super sensitive data (Credit Card & Billing Information). They don't have the best reputation when it comes to users data.
They might experience some success and sign up a few tech savy users - but ultimately - even if they sort out all of the technical & logistical issues they will constantly face this one.
This is why social commerce isn't full circle, or shouldnt be. When was the last time you entered your credit card details into a Facebook app? would you?
Social Commerce is really the discovery of products, but when it comes to facilitating the transaction, consumers need to be out of the ecosystem where "public" data is flowing, their friends are talking to them, or irrelevant social data is distracting them.
Consumers feel incredibily uncomfortable entering sensetive data into a platform which they use with the mindset of "sharing".
Unless of course it could be masked under a "Pay by Facebook" option which doesnt require the user to type in and sesntive information - ha.
Those are just my thoughts, and of course you have risk, disputes, charge backs, being the ultimate target for russian hackers etc.
I could be completly wrong, but I think a third party needs to step in here.
Facebook and a Dwolla/GoCardless partnership - now that would be intresting - you can fake a credit card but you cant fake a bank account.