The American social media giant Facebook has just announced a new payment product known as Facebook Pay.
According to the recent announcement by Facebook, Facebook Pay will enable its users to use a single payment method for all purchases on Facebook and its other social media platforms, including Facebook, Messenger, Instagram, and WhatsApp.
Prior to the introduction of Facebook Pay, users were able to purchase items from stores on the Facebook marketplace using their credit card, debit card or PayPal account. For each new purchase, users would need to re-enter their payment details, while it was often unclear which goods and services were part of Facebook, and which were not.
With the advent of Facebook Pay, users will be able to store their payment details for re-use and will be able to view their payment history, manage payment methods and get real-time support via live chat in the US. Facebook Pay will launch with support for most major debit and credit cards, in addition to PayPal.
Facebook Pay will be backed by Facebook’s secure anti-fraud systems which will be used to detect and block unauthorized activity. Users will also have the option to use a PIN or their biometrics to further secure their account. This biometric information will be stored user-side, ensuring nobody, not even Facebook, is ever able to store your device’s biometric information.
Facebook’s new payment service will first go live on its main social media and Messenger later this week in the US, and will be initially available for “fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on Facebook Marketplace.”
After its launch in the US, Facebook plans to roll out Facebook Pay to users in other countries and to the rest of its social media platforms but hasn’t yet provided a timeline of when it expects this.
Within the announcement, Facebook was careful to note that Facebook Pay is built on top of its pre-existing infrastructure and partnerships, and is a completely separate entity from its upcoming cryptocurrency-based Calibra wallet.
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