- Facebook and Instagram both allow users to buy and sell products on their platforms.
- While Facebook has its own Marketplace, Instagram’s shopping feature has a huge customer base.
- The feature is set to roll out in Facebook and associated apps by the end of the week in the US.
Facebook Pay unveiled: Here's how it will work in US
Following tech giants Google and Apple, Facebook on Tuesday announced its own payment - platform Facebook Pay. In a blog posted on the social media giant’s website, it says the service is aimed to make payments easier across Facebook and its partner apps- Messenger, WhatsApp, and Instagram.
Interestingly, the announcement comes before the roll-out of a similar payment service by WhatsApp which is expected to be launched by the year-end.
Here’s what you need to know about the integrated payment feature:
How to use Facebook Pay
To start using Facebook Pay you have to follow these simple steps:
a.Go to Facebook website or app and select Settings
b.Select the option ‘Facebook Pay’
c.Select a payment method
d.Whenever you make the next payment, use Facebook Pay. Facebook Pay is compatible with most debit cards and credit cards along with other payments platform such as PayPal and Stripe. Users will have the option to add a PIN or use their device’ biometrics for authentication or an extra layer of security while making payments. “Facebook does not receive or store your device’s biometric information,” the blog says.
Further, Facebook Pay is designed to perform anti-fraud monitoring to detect unauthorized activity and provide notifications for account activity. The blog further explains that users will be able to see their payment and transaction history within Facebook Pay and the payments will not be shared with friends or on the feed, unless a user chooses to do so.
Where can you use it
Facebook and Instagram both allow users to buy and sell products on their platforms. While Facebook has its own Marketplace, Instagram’s shopping feature has a huge customer base. Facebook Pay will enable users to pay for fundraisers, donations, in-game purchases, event tickets, to pay friends on Messenger, and purchases from “select Pages and businesses” on Facebook Marketplaces, the blog says.
The blog says that Facebook will not automatically set up Facebook Pay on other apps (Instagram, WhatsApp and Messenger) unless the user chooses to do so. If they wish to have Facebook Pay automatically set up in other apps, they can use the service of Facebook app-by-app.
Important points to note
In a parallel blog on Facebook Pay, the social media giant has clarified that their new payment service is separate from their bitcoin-based Calibra wallet, which will run on Libra network.
The blog acknowledges that as Facebook will be collecting information such as transaction date, billing, shipping and contact details, the platform will use this information to show you more “relevant content and ads”. For example, if you buy a basketball on Facebook Marketplace through Facebook Pay, you will start seeing ads of basketballs and related accessories.
The feature is set to roll out in Facebook and associated apps by the end of the week in the US and can be used for fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on Facebook Marketplace. It is not clear when the feature will be launched in India.
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