Facebook is launching a new payment system named “Facebook Pay”. Facebook is pushing for its own payment platform in the market and Facebook Pay is a digital payment solution using which users will be able to make payments on Facebook, Messenger, Instagram, and WhatsApp and it’s designed to help payments across Facebook’s popular social networks and apps. You’ll be able to use Facebook Pay to send money to friends, shop for goods, or even donate to fundraisers. However, it is not associated with the “Calibra” wallet that runs on the Libra network.
How does it work?
Facebook Pay has been blended into the core Facebook apps and thus doesn’t require an additional application. First, you got to connect your PayPal account or add your credit or debit card. After this, the service will be available across Facebook, Messenger, Instagram, and WhatsApp if you choose to. That means Facebook will not automatically make the service available across the apps unless you specifically choose to.
With Facebook Pay you can:
- Add your preferred payment method once then use Facebook Pay were available to make payments and purchases on our apps, instead of having to re-enter your payment information each time
- Set up Facebook Pay app-by-app, or choose to set it up for use across apps (where available) — that means we won’t automatically set up Facebook Pay across the apps you are active on unless you choose to do so
- View payment history, manage payment methods and update your settings in one place
- Get real-time customer support via live chat in the US (and in more places around the world in the future)
- Send money to friends and family or donate
- Pay for goods and services to businesses, in the Facebook Marketplace
- Clearly, understand which payment services are part of Facebook
Is it secure though?
They designed Facebook Pay to securely store and encrypt your card and bank account numbers, perform anti-fraud monitoring on our systems to detect unauthorized activity and provide notifications for account activity. You can also add a PIN or use your device biometrics, such as touch or face ID recognition, for an extra layer of security when sending money or making a payment.
Where, Facebook does not receive or store your device’s biometric information. The company is also doubling down on gaining users’ trust by employing customer support for any sort of complications. You can contact them via live chat or email.
You will get a notification immediately after making one successful transaction. Next, you can choose between, whether to share the transaction on your timeline or not. Additionally, the transaction history can be viewed from all apps on which the user has activated the service of facebook pay.
Availability of Facebook Pay
Facebook Pay is currently only available in the US on Facebook and Messenger. Facebook is clearly taking it slow by releasing the service to a small set of countries and apps first, with the intention to bring this service to more people over time.