Facebook uses 'autofill' feature to make electronic payments quicker

Electronic payments are the future, and many of the nation's largest companies are beginning to implement the technology into day-to-day business.

For example, Facebook - the world's largest social network - recently launched its "autofill" feature that will make it simple for users to complete mobile transactions, according to CNET.

"We are working on a mobile payments test called Autofill with Facebook that gives people the option to use their payment information already stored on Facebook to populate the payment form when they make a purchase in a mobile app," a spokesperson from the social network told the source. "The app then processes and completes the payment."

This could be a major step forward for the mobile payments market, as Facebook is host to more than 1 billion active users, according to The Associated Press. With the potential for so many people to take advantage of the technology on the site, these consumers may want to use it in other places, which could force other businesses to adopt electronic payment systems.