Facebook Pay, an integrated payments solution for all Facebook-owned services (WhatsApp, Instagram, Messenger) and its native platform, was announced on Tuesday.
If you add a payment method on one platform, it will be synced across others too, and wouldn’t require users to re-enter their payment information for each purchase.
Facebook Pay will offer users “a convenient, secure and consistent payment experience” across Facebook, Messenger, Instagram, and WhatsApp, the company stated.
The service is slated to roll out in the US this week. It will support all major credit/debit cards and PayPal. Payments will be processed in partnership with companies like PayPal, Stripe and others around the world, Facebook stated.
The social networking giant also clarified that Facebook Pay is “separate from the Calibra wallet which will run on the Libra network.”
In an official blogpost, Deborah Liu, VP, Marketplace & Commerce at Facebook, said,
“People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”
Everyday consumers can use Pay to send money to friends, shop for goods and services, and even donate to fundraisers. Facebook claims that it will securely store and encrypt their card and bank account details, perform anti-fraud monitoring to detect any unauthorised activity and also alert users with notifications about account activity.
But, given the company’s recent reputation with security, this might be a hard sell.
Users will also be able to view payment history, manage payment methods and update settings in one place. They can also access real-time customer support via live chat.
Interestingly, Facebook Pay comes shortly after payment companies dropped out of Libra – its new blockchain-based global currency announced in June 2019. The Mark Zuckerberg-owned company said that Libra had earned the support of Visa, MasterCard, PayU, Stripe, eBay, Uber, Lyft, Spotify, and several others. But, things changed.
Facebook Pay, meanwhile, is focused on easing marketplace transactions on its platform.
“It is part of our ongoing work to make commerce more convenient, accessible and secure for people on our apps. And in doing so, we believe we can help businesses grow and empower people everywhere to buy and sell things online,” Deborah added.