Facebook Pay: a new payment system from Facebook
Nowadays, business world should not underestimate the role of social media platforms in their daily work. Companies are paying for advertisements, individuals are paying for games, etc. Thus, as a major actor of the market, it is crucial for Facebook to integrate all the data in one place and to create an easy-to-use experience for its clients. Consequently, Facebook has launched its new digital payment system in the US: Facebook Pay.
Where is Facebook Pay available?
Facebook Pay is currently active only in the United States. Launched in November 2019, it is highly predictable that the usage of this payment system will grow fast. As promised by Facebook, the system will soon be available outside the US. The system provides with consistent payment experience across Instagram, WhatsApp, Messenger and Facebook.
What type of payments can be done via Facebook Pay?
The system is currently used for fundraising, in-game purchases, individual payments on Messenger. Facebook Pay can also serve as a payment system for certain Facebook pages and businesses in the Facebook Marketplace when launching advertising campaigns or paying for other services.
Is Facebook Pay secure?
Given its famous history with data security, people may have doubts concerning their personal data. Therefore, Facebook pays attention to the security and privacy of the payment system. It ensures that user’s card or bank account number or any other personal data are securely stored. In order to prevent any hacker attacks, Facebook uses a special tracking system. It gives an opportunity to set a private PIN for Facebook pay. The user can also make a payment with fingerprint or face recognition.
In conclusion, with this simple solution Facebook has given a unique opportunity to its users to integrate their payments on its system by ensuring safety and data privacy. The creation of Facebook pay brings the company one step closer to vision of Mark Zuckerg of having one integrated platform for its users where clients will have a chance to experience any type of services in-house across its different applications.