Facebook has just announced Facebook Pay, a single payment system that ties into all of the things under the FB umbrella — Messenger, Instagram, WhatsApp and, of course, Facebook proper (for sections like Marketplace). Add a payment method once, and it’ll work across any of the Facebook apps for which you enable it.

The initial roll out is limited to the US, and is starting with the Facebook and Messenger apps. Instagram and WhatsApp will get the feature later, though the company did not confirm when. It is not clear when Facebook will be bringing the service to non-US markets.

Facebook has been testing WhatsApp payments in India for some time now. The UPI-based service is yet to formally roll out in the country over privacy issues. In the US, Facebook Pay sounds more similar to Apple Pay, Samsung Pay and other such services.

Users have the option of adding their preferred payment method to Facebook Pay, and then they will be able to choose that service to make payments and purchases where it is accepted. The customer can choose to store their card or bank account information with Facebook Pay. Instead of having to re-enter payment information each time they make a purchase online, they will have the option to make the payment via Facebook Pay.

Facebook says its payments service has support for most major credit and debit cards as well as PayPal. The payments are being processed in partnership with companies like PayPal, Stripe and others around the world, reads the press statement. Facebook also emphasised that this service is separate from its Calibra wallet, which will run on the Libra network.

Further, Facebook will give users the option of setting up the Pay service app-by-app or they can choose to set it up for use across apps where it is available. Facebook won’t automatically set up Facebook Pay across the apps one is active on, unless the user chooses to do so.

The service will also let users view payment history, manage payment methods and update their settings in one place. It will provide real-time customer support via live chat in the US, adding that it will be extended to more around countries in the future. Facebook Pay will roll out in the US for fundraisers, in-game purchases, and event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on the Facebook Marketplace.

Facebook says that payments service will securely store and encrypt the card and bank account numbers. The company also said they will perform anti-fraud monitoring on their systems to detect unauthorised activity. Users will be provided notifications for any account activity such as a payment made for a purchase.

Facebook will collect information about the purchase such as the payment method, transaction date, billing, shipping and contact details, according to the privacy policy. Further the actions taken with Facebook Pay can be used to deliver more relevant ads, “to provide customer support and to promote safety and integrity.”

Facebook says if one buys a baseball glove on Facebook Marketplace using the payments service, they might see an ad for a baseball bat. The card and bank account numbers will not be used to personalise user experience or inform the ads, says the privacy policy.

Users will also have the option of choosing to opt in for email marketing from businesses, when they shop or make donations via Facebook Pay. Facebook says businesses and nonprofits will only be permitted to use the email address provided with purchase or payment for marketing purposes if they opt in.

For users who buy from a business on Instagram or Facebook Marketplace, Facebook will share only the information needed to support the transaction, such as shipping and contact details. Further details of transactions will be kept confidential and not posted on the Newsfeed, unless a user chooses to share them.

How to set up Facebook Pay

Users in the US can just go to Settings on Facebook and then find Facebook Pay. This is available on the app and the website.

After that they have to add a payment method to Facebook Pay.

The next time they make a payment online, they will have the option of using Facebook Pay.

Users can also 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. Facebook does not receive or store the device’s biometric information.

Thank you for reading. Got comments? Kindly post them with your name on the Comment box below.

No comments

Comments are welcome, provided they are civil, interactively engaging. Hate speech not encouraged.

Powered by Blogger.