Facebook launches a new payment system
Facebook just announced Facebook Pay, a single payment system that ties into all of the things under the FB umbrella Messenger, Instagram, WhatsApp and, of course, Facebook proper (for sections like Marketplace). Add a payment method once, and it’ll work across any of the Facebook apps for which you enable it.
The platform will be rolled out on Messenger and Facebook in the US this week. It will initially be available for fundraisers, person-to-person payments, event tickets, in-game purchases, and some purchases from pages and businesses that operate on Facebook’s Marketplace.
You will be able to find Facebook Pay in the settings section of the Facebook or Messenger apps one it is available in our part of the world, and it will support most debit and credit cards and PayPal. Facebook is using Stripe, PayPal, and others to process these payments.
Facebook Pay comes just weeks after a large number of payment companies dropped out of Facebook’s Libra project. PayPal, which is supporting Facebook Pay, was one of the first companies to distance itself from the Libra Association, the nonprofit organization that oversees the creation of the cryptocurrency and its rollout.
Deborah Liu, Facebook’s vice president of marketplace and commerce, had this to say, “Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp.”