Every big tech giant wants to get into payments. Apple, Google, Samsung, Amazon, Huawei, and more, have their version of ‘Pay’. This must have inspired Facebook to come up with its own version of payment named Facebook Pay. Are you keen to use this service? Here is how to set up Facebook Pay.
This new payment platform is initially available only in the US and on Facebook and Messenger applications. But in the near future, it will also work on Facebook-owned Instagram and Whatsapp. Service would also be rolled out to more countries.
How to Set Up Facebook Pay on Facebook and Messenger App
Step #1. Launch the Facebook App or go to Facebook’s website and enter Settings.
Step #2. Now, add a payment method.
Step #3. Next time you make a payment on supported places, you may use Facebook Pay.
Later, when this is available on WhatsApp and Instagram, you will be able to set it directly within these apps.
As of now, Facebook already supports major credit and debit cards. It also supports PayPal. The payments are processed in partnership with Stripe, PayPal, and other such companies around the world. The company outright mentions that its Facebook Pay is built on existing financial infrastructure and partnerships. It also says that it is separate from Facebook’s cryptocurrency project Libra.
Where Can you Use Facebook Pay?
You will be able to use Facebook Pay for fundraisers, in-game purchases, event tickets, person-to-person payments via Messenger, and also make purchases from select pages and businesses on the Facebook Marketplace. Later it may be used at other third party services.
What about Privacy…
Well, we are talking about Facebook and privacy, so you will have to take this with a pinch of salt. The company says that it securely stores and encrypts your card and bank account numbers, performs anti-fraud monitoring on their systems to detect unauthorized activity, and provides notifications for account activity.
You also have the option to 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 payments. Facebook says that it does not receive or store your device’s biometric information.
So why this and what’s next…
I believe that Facebook wants to be omnipresent. In fact, it has so profoundly penetrated people’s lives already is something to ponder. It got into dating, offers internet services, jobs, smart home devices (with its Portal), and whatnot. Now, it is looking at payments. Facebook wants to do what in a way Google currently does on the software front.
However, due to its multiple privacy and data violations, it certainly is on the radar of regular people as well as lawmakers. Personally, I would never trust Facebook with my payments. But that is a debate for some other time when the company launches the services entirely. Currently, it is in the infant stage, and let us wait and see what comes next…
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