This week, Facebook has announced the launching of Facebook Pay to US users. It will facilitate on platform payments and in-stream. Hence it is more convenient and easier for users to purchase products on Facebook, Instagram, WhatsApp and Messenger.
The points below are the explanation by Facebook regarding what you can do with the use of Facebook Pay.
- Add your preferred payment method once then use Facebook Pay where available to make payments and purchases on our apps, instead of having to re-enter your payment information each time
- Set up Facebook Pay app-by-app, or choose to set it up for use across apps (where available) — that means we won’t automatically set up Facebook Pay across the apps you are active on, unless you choose to do so
- View payment history, manage payment methods and update your settings in one place
- Get real-time customer support via live chat in the US (and in more places around the world in the future)
- Clearly understand which payment services are part of Facebook”
As you can see the sample shown as above. You may set up your Facebook Pay by connecting it to a debit card or PayPal account. After that, you may add a dedicated PIN or you may use a face ID to unlock your payment detail.
Furthermore, after you have entered your details, you can exchange money with connections. This example shows how Facebook Pay works on Marketplace listings.
Moreover, Facebook Pay will be available as a payment method for fundraisers, in-game purchases, event tickets, person-to-person payments, purchases from select Pages using Facebook Checkout and businesses on Facebook Marketplace. Not only that, Facebook do indicated that it hopes to expand Facebook Pay to more people and places in term of use across Instagram and WhatsApp.
In the past few moths, Facebook actually has been working hard on expand its payment method in other regions. And while its Libra currency is looking a little shaky, Facebook does have payment options to consider, and can still facilitate largely the same use case – albeit without the capacity to reduce the costs of funds transfer, which is a key lure of Libra.
Not only that, Facebook Pay actually could make it easier to manage the same and as people become more used to transfer money within the apps that they are already using for browsing and connecting. Hence, it could open up a bigger chance for Facebook to maximize its payment tools in even more ways.
But as we already know, convenience wins out over such concerns anyway. Let us see whether users warm to Facebook Pay and what Facebook enables brands to do next with the option.
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