It could prove a major boon for newspapers and other content providers looking to simplify the selling of paid content as the idea is that it will cut out any form filling.
Reuters reports the system operates by a user having an online Paycento account that is linked to their social media account of choice be it Facebook, Twitter or Linkedin.
In the same way that users click a retweet button or a Facebook like they would simply click a pay button simiar to one click purchasing on Amazon.
“Those social identity networks also are really identity providers … so we piggyback on that,” Pieter Dubois, the company’s 41-year-old founder, said.
“The payment is really seamless … so it’s like a one click payment on the internet,” said Dubois, explaining that it is one click if the authorization procedure is not used.
“We want to make it economical for the merchant, for the publisher to offer something at any price point, that means both at 10 cents, at 5 cents as at 1 euro,” Dubois told Reuters.
The idea is that the system would not only be socially operated, but cheaper than PayPal.
Paycento, which is a Belgium start-up firm, is currently talking to venture capitalists to try to raise cash and is working with a “major European media company”, which is beta testing the system.