When global giants like Amazon and Google are already running their own payment systems, Facebook was left behind in the digital payment systems network among them. Recently, the social medial company launched Facebook Pay in the U.S. that will be used for fundraisers.
The Facebook Pay feature will be available on Facebook and Messenger on both the app and browser. The platform can be used for in-game purchases, event tickets, person-to-person transactions on Messenger, and purchases from Facebook Marketplace made on selected pages and businesses.
Deborah Liu, the Vice President of Facebook Marketplace and Commerce, assured that the company is planning to roll out the Facebook Pay feature globally as well as on other platforms in its app ecosystem such as WhatsApp and Instagram. Once the feature is available on WhatsApp and Instagram, the user will be able to use it directly within the app.
The payments can be made via Facebook Pay using all major credit and debit cards apart from PayPal. Whether you are using the app or website, to avail of the feature you need to go “Settings” and then choose “Facebook Pay” and add the payment methods for any transactions via Facebook Pay.
It is to be noted that Facebook Pay has nothing to do with the Calibra wallet that is linked to the company’s blockchain-based digital currency Libra. Facebook’s Libra project faced several criticisms from financial regulators and Congressmen due to privacy and security issues, and concerns over unauthorised monetary transactions and money laundering as witnessed with other cryptocurrencies such as Bitcoin and Ether. When the company CEO, Mark Zuckerberg, appeared before the Congress on October 23 to testify on the project, he faced hostile questioning voiced against the project.