The invention relates to the field of making online payments by integrating social networks and payment networks to a seamless network. In particular, the invention leverages the information in the social network to conduct financial transactions.
The best mode of the invention is considered to be a social payment network app that incorporates all or most of the functions of credit cards, internet banking and money order companies by using the data and functions already available in the social network.
The invention provides better counterparty recognition, reduces the chance of fraud, or fraud, and provides a cheaper payment platform to consumers (110, 410) or small businesses while also reducing the administrative burden in making and paying purchases or reporting payments and/or expenses to third parties, such as the employer or tax administration.