Facebook launches Facebook Pay wallet that works across all its apps as it drives into ecommerce
Facebook has joined the growing throng of companies offering a payment service, with the launch of Facebook Pay this week.
Facebook Pay will begin rolling out on Facebook and Messenger this week in the US for fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on Facebook Marketplace.
Over time, the company plans to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp.
Facebook Pay supports most major credit and debit cards as well as PayPal. Payments are processed in partnership with companies like PayPal, Stripe and others around the world.
Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from the Calibra wallet which will run on the Libra network.
The move is designed to make Facebook even more of an ecommerce platform, making it easier for shoppers to pay while on the site. Adding it to Instagram could also be a major boost to turning the image and video sharing site into a real ecommerce marketplace.
“Facebook has offered trusted payment experiences since 2007 and we’ve processed more than $2 billion in donations alone since we launched our first fundraising tools in 2015,” says the company in a statement.
It continues: “With Facebook Pay, we’re continuing to invest in security. We designed Facebook Pay to securely store and encrypt your card and bank account numbers, perform anti-fraud monitoring on our 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.”