Facebook announce new simplified payments with Facebook Pay

Another tech giant has joined the mobile payments party. Facebook is the latest company to offer its own payment service, with the introduction of Facebook Pay.
Facebook Pay
Facebook Pay will be able to be used to make a range of transactions. Photo: Facebook

Precise payments

In a press release, the social media powerhouse announced the launch of its new project. The group said that it will be available across its main platforms. This means Facebook, Messenger, Instagram, and WhatsApp. Facebook says that this will help those who already make transactions across the apps to transfer funds more easily.

“People already use payments across our apps to shop, donate to causes and send money to each other,” Facebook said as per the media release.

“Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”

Manageable methods

With the new service, users will be able to add their preferred payment method and make payments on the apps. This is instead of having to re-enter information. Along with this, people will be able to selected to use Facebook Pay app-by-app. This means it won’t be automatically be set up without permission.

Facebook Pay
How Facebook Pay’s interface works. Photo: Facebook

Payment history will be able to be viewed on the mobile device of users and they can also update their settings hair. Additionally, there will be real-time customer support available in the United States and some more countries, which are to be confirmed.

The company will be rolling out Facebook Pay on the Facebook and Messenger platforms this week. Event tickets, fundraisers, person-to-person payments on Messenger and purchases from select pages and businesses on Facebook Marketplace will be able to be handled with this service.

A matter of privacy

Since Facebook has been under fire for privacy concerns, it has also made a statement on how data will be collected with Facebook pay.

According to a post on its site, the firm will collect data about the purchase, such as contact details, the transaction date, billing, shipping, and payment method. However, the business states that it designed Facebook Pay to securely store data. Subsequently, it will encrypt bank account and card numbers.

FB Marketplace
Purchases via Facebook Marketplace will be able to be done with Facebook Pay. Photo: Facebook

Tailored ads

Ads will be customized depending on what users purchase with the service. This is something that has been debated among social media users already.

“As with our other products, the actions you take with Facebook Pay can be used for purposes such as to deliver you more relevant content and ads, to provide customer support and to promote safety and integrity (e.g., to investigate violations of our payments policies),” Facebook said as part of its statement.

“For example, if you buy a baseball glove on Facebook Marketplace, you might see an ad for a baseball bat.”

This introduction may be useful for those who regularly may payments across Facebook’s apps. However, there is already an abundance of mobile payment options, such as PayPal, Apple Card, Apple Pay, and Google Pay to new a few. Nonetheless, this new service may help users control their finances more effectively.

What do you think about the introduction of Facebook Pay? Let us know your thoughts in the comment section.

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