Social media giant Facebook has officially launched its own payment system that will be consolidated into its many platforms, such as Instagram, Messenger, and WhatsApp. The transactions, be it payments or donations, will be handled by a unified Facebook Pay system.
Deborah Liu, Marketplace and commerce vice president, said in an online post, “People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”
Facebook Pay will be a single system that will handle financial transactions and safeguard data such as delivery addresses, credit card numbers, etc. for people that use the social media giant’s several social applications.
This service, which will be a unified one, will be rolled out in the US this week for people using services such as fundraisers, in-game purchases, event tickets, and person-to-person payments on Messenger and purchases on Facebook.
“Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp. We believe we can help businesses grow and empower people everywhere to buy and sell things online. Facebook Pay is part of our ongoing work to make commerce more convenient, accessible and secure for people on our apps,” Liu further added.
The payments in Facebook apps will be processed in partnerships with PayPal, Stripe and other online financial transactions platforms around the world. But, these will be kept separate from a Calibra digital wallet being built to handle a proposed Libra cryptocurrency.