- Facebook is planning to expand its payment system.
- This comes after credit card companies back out of Facebook’s Libra cryptocurrency.
- Facebook Pay will be open to participating retailers for transactions.
Facebook Pay is a seamless and secure way to make payments on Facebook, Instagram, Messenger, and WhatsApp. Enter your payment card or account information once and then use Facebook Pay to make purchases, send money or donate within the apps. A PIN or biometrics helps to secure individual payments. Facebook Pay is also a way to view payment history, manage payment information, and access customer support.
Facebook is taking a big step to expand its payments platform. The company has announced plans to break out Facebook Pay from its own ecosystem to facilitate transactions across the web. Starting in August, customers will be able to make purchases from Shopify-powered businesses using the payment method. This comes after credit card companies back out of Facebook’s Libra cryptocurrency, which led the social media giant to launch its own payment system for use across the main site, as well as WhatsApp and Instagram.
Do I need to have a Facebook account to set up Facebook Pay?
Facebook Pay is currently being rolled out on Facebook. In the future, when Facebook Pay is available on Messenger, WhatsApp and Instagram, you will not need a Facebook account and can set up Facebook Pay directly within each app. The card and bank account numbers you provide will not use to personalize your experience or inform the ads you see.
What do I need to do to get started with Facebook Pay?
Now, just like Google’s stored cards, PayPal integrations, Amazon Pay, and others, Facebook Pay is opening itself up for use in transactions with participating retailers.
You can start using Facebook Pay on Facebook with just a few taps: Go to Facebook > “Settings” > “Facebook Pay” and add your preferred payment method – credit card, debit card, or PayPal – and complete the payment setup. For added security, you will have the option to create a PIN or use your device biometrics.