E-payments company Stripe to power Facebook’s ‘Buy’ button

Function wil allow users to shop online via the social networking site

Stripe, the e-payments company founded by brothers Patrick and John Collison will power the "Buy" button for Facebook users using the social network to shop online. The new button will allow users to buy goods featured in ads or posts, according to Re/code, an influential technology news website.

A Facebook spokesperson confirmed to Re/code that Stripe is the sole Facebook payments partner behind ongoing tests of the new button. Stripe has declined to comment.

Stipe was named earlier this month as one of Apple's partners for its new Apple Pay service, along with Visa and First Data.