Facebook plans to make its Facebook Pay service available through other e-commerce platforms, which will likely undermine digital wallets and payment providers. The social media giant hopes the move will help increase competition in an already fierce online payments market. Facebook plans to start rolling out the option starting in August, starting with vendors that use the services of the Shopify e-commerce platform. The expansion means that US customers will be able to purchase products from Shopify's online outlets using the convenience of the Facebook Pay service. Buyers should be able to see the instant benefits of using sellers who offer this option, with a Facebook checkout button for consumers to complete their purchases if they already have a card or PayPal details saved. Facebook's move will introduce it alongside other mobile and digital wallet services, such as Apple Pay and Google Pay.
Pay on Facebook
Prior to the announcement, Facebook Pay was fairly Facebook-centric, with fans limited to spending via Messenger, Instagram, or WhatsApp. However, the latest initiative will open up Facebook Pay to a much larger consumer audience, while giving e-commerce businesses of all shapes and sizes a much-needed boost in the post-Covid business landscape. It's another tweak to Facebook's concerted efforts to boost its e-commerce revenue. The company recently added support for QR code payments, which will also help diversify its spending appeal. Facebook has also expanded its Shops service, allowing businesses to quickly and easily transform their standard business pages into fully functional eCommerce storefronts. Other recent enhancements have included a powerful visual search feature, which makes shopping through Instagram easy, while WhatsApp has also seen a buy button introduced to its arsenal of online selling tools. Via: Payments