Facebook Pay, a new payment method that can be used throughout the ecosystem of apps and services provided by and within Facebook, is now live. The method, which must not be mistaken for Facebook Libra or FB GlobalCoin, is a payment facilitator that facilitates the transfer of local currencies from legitimate digital banking mechanism to merchants selling their merchandise through Facebook’s multiple digital platforms. The platform, rivaling other similar services from Google, Apple, PayTM, etc. should help Facebook boost monetization and commercialization of its multi-billion-dollar acquisitions.
Facebook launched Facebook Pay as a means to conduct online transactions on the company’s multiple platforms. Although limited in scope and availability, Facebook Pay should quickly expand to other markets and regions. Currently, Facebook appears to be testing the platform and has limited the payments to certain specific transactions and segments such as buying items from shops, donating money to charity, and sending money to friends.
Facebook Pay To Work On Facebook, Messenger, Instagram and WhatsApp To Facilitate Micro-Transactions:
A lot of social media users who use Facebook and its associated digital properties, already use payments across the company’s apps to shop, donate to causes and send money to each other. Facebook assures Facebook Pay will make these transactions easier while continuing to ensure the payment information is secure and protected. Facebook Pay has the following attributes:
- Add your preferred payment method once then use Facebook Pay wherever available to make payments and purchases on our apps, instead of having to re-enter your payment information each time
- Set up Facebook Pay app-by-app, or choose to set it up for use across apps (where available) — that means we won’t automatically set up Facebook Pay across the apps you are active on unless you choose to do so
- View payment history, manage payment methods and update your settings in one place
- Get real-time customer support via live chat in the US (and in more places around the world in the future)
- Clearly understand which payment services are part of Facebook.
— TechCrunch (@TechCrunch) November 12, 2019
Facebook has been facilitating payment and transactions for quite some time. In fact, the social media giant claims to have processed more than $2 billion in donations alone within the past four years. Facebook Pay appears to be a dedicated payment facilitator that offers the convenience and speed of digital payment which is backed by the social media company.
The platform encrypts all data to protect the same. It is supposed to be backed by intelligent anti-fraud monitoring systems that will continuously lookout for unauthorized activity and provide notifications for account activity.
How to Use Facebook Pay Wherever It Is Available Or Rolled Out:
Facebook Pay appears to be directly integrated as a feature within Facebook’s digital properties such as Facebook Messenger, Instagram, and WhatsApp. In other words, the feature should appear within updated versions of mobile apps. Incidentally, the feature is already available in Facebook Messenger, while WhatsApp and Instagram apps should get the same soon.
— 9to5Mac.com (@9to5mac) November 12, 2019
Facebook Pay feature should be existent within the Settings tab of the app. Activating the same will merely require the preferred payment method and the relevant credentials. Once activated, Facebook Pay should appear alongside other methods of digital payment when initiating a transaction. Needless to add, Facebook Pay supports most major credit and debit cards as well as PayPal. Payments are processed in partnership with companies like PayPal, Stripe, and others around the world.
Facebook hasn’t Abandoned Its Libra CryptoCurrency:
It is quite obvious that Facebook Pay is completely different than Facebook’s controversial cryptocurrency called Libra. Plans for the global rollout for the previously rumored to be called FB GlobalCoin, appear to have been decelerated, if not shelved. The company faced widespread backlash and impending threats of scrutiny, which might have compelled Facebook to reassess its strategy.
— CoinGape (@CoinGapeMedia) November 13, 2019
Facebook Pay payments are processed in partnership with mainstream financial transactions companies. Facebook assures the platform is built on existing financial infrastructure and partnerships and is separate from the Calibra wallet which will run on the Libra network. Simply put, the company appears to be joining the companies which it sought to replace with its own digital cryptocurrency.