We all knew it was only a matter of time before Facebook joins the likes of Samsung and Apple in releasing a payment platform. What we didn’t know is that it will come ahead of “Facebook Libra”, the supposed cryptocurrency money has been hit with a lot of criticism. It now seems that the social media giant has moved on, as they announced “Facebook Pay”. In this article, we’ll be discussing everything we know so far about this mobile payment service from Facebook.
The Facebook Payment System
Facebook Pay will be integrated into the company’s social media platforms; Facebook, Messenger, WhatsApp and Instagram. For now, the mobile payment platform is available to users residing in the United States. The good thing about this platform is that it won’t automatically be your payment option on the listed apps. A user will have to voluntarily set up Facebook Pay as their payment option.
The platform features a payment history, which is nice looking. You can also manage and update your payment method settings in one place. They are promising to give users real-time live customer support which is via live chat. For a start, the payment platform will begin operation on Facebook and Messenger. US residents can use it for fundraisers, event tickets, person-to-person payments on Messenger, in-game purchases, and purchase from select Businesses and Pages on Facebook Marketplace. The company hinted that WhatsApp and Instagram will be added over-time but refuse to give a specific date.
The service supports virtually all credit and debit cards. It also supports PayPal which is good and all payments are processed via a partnership with PayPal and Stripe. With other unnamed financial companies said to be involved too.
Features of Facebook Pay
- Add your preferred payment method once then use Facebook Pay where available to make payments and purchases on our apps. By doing this, you won’t have to re-enter your payment information each time you want to make a payment.
- You can choose to set up this payment platform app-by-app, or across all apps were available. Everything is in your hands.
- View your payment history, manage payment methods and update your settings in one place.
- Real-time customer support via live chat in the US. Will be available in more places/countries in the future.
- Helps you understand which payment services are part of Facebook
How to use Facebook Pay on Facebook and Messenger
Follow the steps below to use the payment platform on Facebook or Messenger;
- Go to “Settings”, then select “Facebook Pay” on the Facebook app or website.
- Add a preferred payment method.
- The next time you make a payment, use Facebook Pay.
Once the mobile payment service is available on Instagram and WhatsApp, you’ll be able to set it up on the app directly.
Is Facebook Pay Protected?
According to the company, they will/have securely store and encrypt the user’s card and bank account numbers. They perform anti-fraud monitoring checks regularly on your system. The service also allows you to add PIN (Personal Identification Number) to your account or use your device’s biometrics as added security. The company does not store your device’s biometric security information. Since 2007, Facebook has processed over $2 billion in donations via their fundraising tools. So they are pretty much capable of handling financial related services.
What do you think about Facebook Pay? Does it have a chance against already established mobile payment services like Apple Pay, Samsung Pay, and Google Pay?