Facebook rolls out ‘Facebook Pay’, a fiat based payment system after Libra failed to launch. Facebook Pay is a global payment system that is integrated with Facebook, Messenger, Instagram and Whatsapp. Click here to learn more.
After failing to get Libra off the ground, Facebook has gone ahead with another global payment system. This time it will be fiat based. The system will be integrated with all Facebook applications including Whatsapp, Instagram and Messenger.
The move seems a little strange considering that Facebook wanted a global payments system based on a blockchain to make transactions cheaper and fast. A standard fiat system may be very expensive in the long run. It is not clear whether Facebook Pay will be replaced in the future by Libra. Facebook has not commented on that aspect in its press release.
With Facebook Pay you can:
- 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
Today we’re introducing Facebook Pay, which will provide people with a convenient, secure and consistent payment experience across Facebook, Messenger, Instagram and WhatsApp.
People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.
Security and Protection for Payments
Facebook has offered payment experiences since 2007, and they’ve processed more than $2 billion in donations alone since they launched their first fundraising tools in 2015.
With Facebook Pay, they’re continuing to invest in security. They designed Facebook Pay to securely store and encrypt your card and bank account numbers, perform anti-fraud monitoring on their 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.
Facebook Pay is part of their ongoing work to make commerce more convenient, accessible and secure for people on their apps. And in doing so, they wish to help businesses grow and empower people everywhere to buy and sell things online. They’ll continue to develop Facebook Pay and look for ways to make it even more valuable for people on their apps. Facebook rolls out ‘Facebook Pay’ to make payments easier worldwide. By integrating it into their apps, they will make it accessible to a large number of users.