Facebook, on Tuesday, announced that it is launching a new payment system — Facebook Pay — that will aid in transactions across Facebook, Messenger, Instagram, and WhatsApp. With the new payment system, users will be able to send money, shop, or even donate to fundraisers.
A few months back, Facebook introduced Libra (and the Calibra wallet), which is a blockchain-backed cryptocurrency that is expected to be available sometime around next year. But before we jump in and try to find a link between Libra and Facebook Pay, the company has clearly stated that “Facebook Pay is separate from the Calibra wallet which will run on the Libra network“, stating that the two services do not share any common grounds.
Facebook says it believes that with the introduction of Facebook Pay, it would become easier for users to perform transactions between various apps and services from Facebook. And that they can —
i. Add their preferred payment method once and use Facebook Pay where available, without having to re-enter payment information each time
ii. Set up Facebook Pay for each app individually or set it up to use across apps when available
iii. View payment history, manage payment methods, and update settings
To start using Facebook Pay on Facebook or Messenger, users need to –
i. Open the Facebook app or website
ii. Go into Settings > Facebook Pay
iii. Add a payment method
Once that’s done, users can start making payments on Facebook or Messenger using Facebook Pay. As for WhatsApp and Instagram, users will be able to set up Facebook Pay directly within the app as soon as the service arrives on these platforms.
Last, but certainly not least, with tonnes of users’ personal information already out on the internet, user privacy and security becomes a major concern. With its newest payment system, Facebook says it has “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.” Further, at the user level, it has also added the ability to add a PIN or biometric to add an extra layer of security and offer secure transactions.
Facebook Pay will be available on Facebook and Messenger starting this week in the US for fundraisers, in-game purchases, event tickets, p2p payments on Messenger, and purchases from select Pages and businesses on Facebook Marketplace. As for Instagram and WhatsApp, the company says that it has plans to bring the payment system on both these platforms soon.