PayPal co-founder Max Levchin (pictured) has launched a new venture called Affirm, which aims to simplify mobile checkouts for the benefit of merchants.

Part of Affirm’s strategy will involve using Facebook to authenticate consumers, as well as a number of other “social and data signals to assess risk”, according to AllThingsD.

Based on such data, the firm will guarantee a consumer’s payment to merchants, and take a fee for doing so. By taking over this risk on behalf of merchants, Affirm hopes to speed up the checkout process.

Levchin characterised the firm as being “a digital charge card rather than a credit card” which will be valued by merchants because it will reduce how many consumers do not complete a sale because the process is too time consuming.  The partner for its beta launch is 1-800-Flowers.