- Facebook Pay will initially launch in the United States for the Facebook platform specifically, launching in other countries and platforms at a later date.
- Calibra will not yet be added into the new payment option.
Facebook is one of the biggest social media platforms in the world, and they have recently announced a payment product that they are bringing to the finance industry called Facebook Pay. Facebook Pay will allow consumers to use a simple and easy to understand process to pay for any purchase on Facebook with a single payment method. This protocol will be available on the other social media platforms attached to Facebook Pay, including Messenger, Instagram, and WhatsApp.
Before Facebook Pay, users on the platforms would need to use a credit card, debit card, or PayPal account for any marketplace purchase. New purchases would require users to input their payment method with each time, and the clarity over what goods and services were available on Facebook was lacking.
As Facebook Pay launches, these payment methods will be stored on the user’s accounts, and the program will keep a payment history. Consumers that have difficulties have the ability to get support through live chats with US-based agents. Payment methods supported by Facebook Pay include most major debit and credit cards, along with PayPal.
The anti-fraud security systems that Facebook already has in place will be used for blocking unauthorized activity taking place. The users will be able to protect their data with biometrics and a PIN, which will be classified by users so that no one can access the stored information without the consent of the user, even Facebook.
Later this week, Facebook Pay will go live with the main platform and Messenger. At the beginning, consumers will be able to use the payment options for “fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on Facebook Marketplace.”
Once the launch of Facebook Pay commences in the United States, the social media brand will be providing it to other countries and social media platforms. However, there has yet to be a timeline established. In the announcement regarding this launch, Facebook was clear that the crypto-based Calibra wallet is entirely separate.
The whitepaper of Facebook’s Libra cryptocurrency asset was released earlier this year, projecting a release date in mid-2020. While this type of stablecoin could be a beneficial addition for Facebook Pay at some point, many countries have already issued bans on it. Still, testing out the use of Facebook Pay could give the platform more experience with digital payments.