Facebook has launched a new payments system that will work across its app ecosystem – Facebook, Messenger, Instagram and WhatsApp. Appropriately named Facebook Pay, it will begin rolling out on Facebook and Messenger this week in the US for fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on Facebook Marketplace. Also Read - Here's why WhatsApp co-founder Brian Acton still thinks you should delete Facebook
“Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp,” Deborah Liu, Vice President, Marketplace and Commerce at Facebook, said in a statement late Tuesday. Also Read - Facebook let Tinder get special access to user data: Report
Facebook Pay supports most major credit and debit cards as well as PayPal. The social media giant said Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from the Calibra wallet which will run on the Libra network, the company’s digital currency. Also Read - Facebook introduces new logo to differentiate it from its other brands
You can start using Facebook Pay on Facebook or Messenger with just a few taps. Go to “Settings,” then “Facebook Pay” on the Facebook app or website, add a payment method and the next time you make a payment, use Facebook Pay. Once it is available on WhatsApp and Instagram, you’ll be able to set it up directly within each app.
The users can add a PIN or use device biometrics, such as touch or face ID recognition, for an extra layer of security when sending money or making a payment. Last month, Facebook’s CEO Mark Zuckerberg said WhatsApp will soon launch its payments service in India too. The company will soon share positive news. Data compliance issues and regulations have kept WhatsApp Pay launch in abeyance for quite some time, despite a successful test run of the payments service with one million users in the country.
With inputs from IANS