With the massive popularity of Google Pay, Instagram and WhatsApp owner Facebook has unleashed its first-ever payment platform, Facebook Pay in the US. With this new payment method, the Cupertino-based technology giant will let its users pay via Facebook, Instagram and WhatsApp. According to Facebook, the online payment system would be flawless in use hence is expected to become popular in no time.
Having a head-on with Google Pay, Facebook has come up with a method which will allow its users to send money via any of its apps. Meaning, once you connect your PayPal/credit/debit card with Facebook pay, you can pay money via any of its apps.
With the newly available method, marketplaces exist at Facebook, and Instagram platforms are expected to get a boost. Alongside, you can also pay money for fundraisers, send donations, purchase in-game features, buy event tickets and send money to your Facebook/Instagram/WhatsApp friends.
The social media giant claimed the transactions would be easy to track and most importantly, they won't charge a penny to send/receive money, well at least for now. For added protection, Facebook will integrate biometrics feature available in the device and a personalized PIN to get rid of unauthorized transactions.
Keeping its reputations alive, Facebook has kept the installation simple. Unlike Google, you aren't required to download any separate app for availing the service. You can set up your payment account using any of the Facebook developed apps you use. Once you authenticate your Credit Card, Debit Card or PayPal account to the service, you're good to go.
To stay away from the controversies, Facebook has announced to keep Facebook Pay separately from its cryptocurrency service Libra. For the unaware, Libra is the Cryptocurrency initiative of Facebook.
Announced in June 2019, Libra is purportedly focused towards big consumer markets like India, which has over 400 million WhatsApp users till date. However, following its announcement, the social media giant is in knee-deep trouble for increasing regulatory scrutiny. Facebook Pay is available in the US for now and expected to roll out soon in the Asian and European markets.