Facebook has just announced it is releasing Facebook Pay and is starting to roll it out on Facebook and Messenger in the US this week.
This is distinct from Libra, Facebook's cryptocurrency.
What are some of the things you can do with Facebook Pay?
These are the examples that Facebook have shared:
- Eyeing that new pair of sneakers? Find a deal you can’t pass up? Buy from businesses big and small on Instagram and Facebook.
- Send money to friends - It’s never been easier to pay them back. Use Facebook Pay to send money—simply and securely on Messenger.
- Want to support friends and the causes they care about? Donate directly to their fundraisers on Facebook and Instagram.
How does it work?
There’s no need to download anything new—Facebook Pay works on the apps you use.
To get started, simply add your credit card, debit card, or PayPal.
You can start using Facebook Pay on Facebook or Messenger with just a few taps:
- Go to “Settings” > “Facebook Pay” on the Facebook app or website
- Add a payment method
- The next time you make a payment, use Facebook Pay
Once Facebook Pay is available on WhatsApp and Instagram, you’ll be able to set it up directly within each app.
Facebook Pay supports most major credit and debit cards as well as PayPal. Payments are processed in partnership with companies like PayPal, Stripe and others around the world.
Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from the Calibra wallet which will run on the Libra network.
How secure is it?
This is what Facebook has shared about the security
" Facebook Pay to securely store and encrypt your card and bank account numbers, perform anti-fraud monitoring on our systems to detect unauthorized activity and provide notifications for account activity. You can also add a PIN or use your device biometrics, such as touch or face ID recognition, for an extra layer of security when sending money or making a payment. Facebook does not receive or store your device’s biometric information. Learn more about Facebook Pay privacy."
To learn more, go to https://pay.facebook.com/how-it-works/
No word yet of when it will be released internationally.
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