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A one-click online payment system using Facebook and Twitter is currently being tested by Paycento.

According to a report in Reuters, the European media company is developing the new system using the fact that surfers are often logged in with their profiles on social networking sites like Facebook, Linkedin and Twitter.

The new system is expected to boost online sales for newspapers, music vendors and other low-priced goods and services.

The system will enable visitors on a website pay small amounts with a single click, like they click the 'Share' or 'Tweet' button on Facebook or Twitter.

Paycento is also in talks with venture capitalists to try to raise around 5 million Euros required for running the company for two to three years, after which the company expects to start covering its losses.