Facebook has introduced a new payment platform aimed at making it easier to send money online.
Facebook Pay will work not only on the social network, but also on Messenger, WhatsApp, and Instagram, allowing users to transfer funds to their friends and contacts through these applications.
The company announced that it would offer "a convenient, secure and consistent payment experience" for all of these services, with user information remaining safe and secure.
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After choosing a preferred payment method, Facebook Pay will work instantly, which means there is no need to re-enter payment information for every transaction. Users can choose to limit Facebook Pay to specific applications and view their payment history, manage payment methods, and update their settings from a single location. They also benefit from real-time customer support via live chat.
Facebook Pay launches on Messenger and Facebook in the United States this week, with fundraising, in-game purchases, event tickets, person-to-person payments in Messenger, and purchases for certain pages and businesses on Facebook Marketplace, such as cases. initial use available.
The company announced that WhatsApp and Instagram would be added "over time," but did not confirm when.
(Image credit: Facebook)
Facebook Pay will support most major credit and debit cards, as well as PayPal, which, along with Stripe and other payment companies, will handle transaction processing.
The news comes after several difficult weeks for Facebook's other financial projects, namely its cryptocurrency Libra, which has lost nearly all of its major backers, as a result of concerns about the functioning of the system.
The company said in its launch blog that Facebook Pay builds on existing financial infrastructure and partnerships and is independent of the Calibra and Libra networks.