Facebook Pay- The New Payment System From Facebook2 min read

The global social media giant is about raid the financial service market with its billions active users.

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For a convenient, secure and consistent payment experience, Facebook is launching its own payment system Facebook Pay. Facebook is taking on PayPal’s Venmo with this payment service. And this will be soon accessible across its family apps- Facebook, Messenger, Instagram, and WhatsApp.

This payment system accepts most of the major credit and debit cards as well as PayPal. According to the company, People already make payments across their apps to shop, donate to causes and send money to one another. Therefore, this Payment system will make these transactions easier while continuing to ensure your payment information is secure and protected.

Read More: Facebook Launches New Corporate Logo

Facebook payment service allows users to send money through the Messenger app. But with Facebook Pay,  the users will be able to send money via other Facebook apps.

At present, it is serving on the core Facebook and Messenger app. It will cover Instagram and WhatsApp in the future. Facebook authority clarified that Facebook Pay is separate from Calibra.  Calibra is yet to be launched as a digital wallet.

Facebook Pay | Markedium

Things that you can do by using Facebook Pay

  • You can “Add” your preferred payment method. Then use Facebook Pay where available to make payments and purchases in its family apps. As a result, you do not need to share your payment information each time you pay for something.
  • Set up Facebook Pay app-by-app, or choose to set it up for use across apps (where available).  This means Facebook will not automatically set up Facebook Pay across the apps you are active on. unless you choose to do so.
  • You can view payment history, manage payment methods and update your settings in one place.
  • Get real-time customer support via live chat in the US (It will cover all other countries near future).
  • This payment system will let you know all the authorized payment services associated with Facebook.

In conclusion, It is a smart step towards Facebook’s goal of linking its family of apps together. Earlier this year, Facebook decided to create a one-stop application service to its users to send messages to one another. It can work against antitrust scrutiny the company has received from government agencies and proposals to break the company up.

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