Facebook has announced a new payments system, called Facebook Pay, which lets you send money to friends, shop for goods, and even donate.
What is Facebook Pay?
Facebook Pay is designed to facilitate payments across Facebook, Facebook Messenger, Instagram, and WhatsApp. Facebook said it's part of "ongoing work to make commerce more convenient, accessible, and secure" for its users.
It will initially be available for fundraisers, person-to-person payments, tickets purchases, in-game purchases, and some purchases from pages and businesses on Facebook’s Marketplace. “Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp," revealed Deborah Liu, Facebook’s vice president of commerce, in a blog post.
The service, which is different from Facebook’s Calibra and Libra efforts, is “built on existing financial infrastructure and partnerships", according to Facebook. It is using Stripe, PayPal, and other processors to handle payments.
How does Facebook Pay work?
Details are limited, but here are all the key features, according to Facebook:
- Add a payment method, then use it to make payments or purchases on Facebook's apps.
- Set up Facebook Pay app-by-app, or choose to set it up for use across apps.
- View payment history, manage payment methods, and update your settings in one place
- Get real-time customer support via live chat in the US. More places coming.
Access Facebook Pay
You will be able to access Facebook Pay in the settings section of the Facebook or Messenger apps.
- Go to Settings > Facebook Pay on the Facebook app or website.
- Add a payment method.
Facebook said it won’t automatically set up Facebook Pay across the apps you actively use unless you choose to do so.
Which payment methods are supported?
In the US, Facebook Pay will support most debit and credit cards and PayPal.
When will Facebook Pay be available?
Facebook is rolling out Facebook Pay to Messenger and Facebook in the US sometime during the week of 12 November 2019. It isn’t revealing exactly when the feature will be available across all of its apps - let alone when it will launch internationally.
Want to know more?
For more information, visit pay.facebook.com.