US: Facebook integrates payments over its three networks

Facebook has announced the launch of Facebook Pay, a payment system meant to operate through Facebook, Instagram, Messenger, and WhatsApp.

“People already use payments across our apps to shop, donate to causes and send money to each other,” the company announced. “Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”

Users of Facebook Pay, which the company stated is not related to its proposed cryptocurrency Libra, will be able to enter a preferred payment method and then use the option to eventually pay throughout all of the related apps.

Users will get to choose which apps they want to use Facebook Pay on, Facebook stated, or they can opt in for all (where available). Users will also be able to view payment history, update settings, or manage payment methods all in one place.

The feature will have real-time support in the US with a live chat, with plans for more countries to be added in the future.

Facebook Pay is available in settings on the app or website. It will start rolling out on Facebook and Messenger, and then later be available on WhatsApp and Instagram, where it can be set up through those apps.

“Facebook Pay supports most major credit and debit cards as well as PayPal,” Facebook stated. “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.”

Facebook announced it offers extra security and protection, and it has processed over US$2 billion in donations since it launched a 2015 fundraising tool.

“With Facebook Pay, we’re continuing to invest in security,” Facebook stated. “We designed 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.”

Full Content: Reuters

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