Following the footsteps of Google and Apple, the social networking giant Facebook has come up with its own payments service dubbed Facebook Pay. It is an integrated payments solution for all services that it owns such as its native platform, Messenger, WhatsApp, and Instagram.
Facebook Pay will be rolled out in the US this week for fundraisers, person-to-person payments, event tickets, and in-game purchases. It will support all major debit and credit cards and PayPal. It will be processed in partnership with PayPal, Stripe, and other services across the world.
For now, there is no word regarding the global launch of this payment service. But it has been announced that the company is in plans to bring this payment service to more people and regions, including WhatsApp and Instagram over time.
Why Facebook Pay?
Facebook Pay will provide users across its platforms and services with a secure, convenient, and consistent payment experience. Already, all these Facebook platforms let users shop, donate for causes and send money to others. With the new payment service, these transactions will be easier. Moreover, the payment information is touted to be protected and secure.
This new payment service from the company lets you add your preferred payment method and use the same to make purchases and payments on its platforms. This avoids the necessity to key in the payment information each time you shop. You can set up Facebook Pay app-by-app or choose to use it across all Facebook apps.
With Facebook Pay, you can view payment history, update settings, and manage payment methods. There is real-time customer support through live chat. Notably, Facebook Pay is built on existing financial infrastructure and partnerships and is separate from the Calibra wallet which will run on the Libra network.
How To Set Up Facebook Pay
To start with Facebook Pay, you need to head on to Facebook or Messenger and do the following.
- Go to Settings → Facebook Pay on the website or app of the social networking giant.
- Now, add a payment method.
- That's it! You can use Facebook Pay from the next time.
- When this service is launched for WhatsApp and Instagram, you can set it up directly for each of these apps.
What Facebook Intends?
As per the company, Facebook Pay is a part of its ongoing strategy to make commerce more accessible, convenient, and secure for people using its apps. The company believes that it can help businesses grow and empower people across the world buy and sell things online.
It has been assured that the company will work on Facebook Pay continuously to develop it and look for ways to make it more valuable. Moreover, this service has been launched at a time with digital payments popularity is on the rise.