Facebook introduces ‘Facebook Pay’ for trouble-free money transactions

On 12 November, Facebook introduced ‘Facebook Pay’ to make money transactions much simple for Facebook, WhatsApp, and Instagram users. It is available in the settings tab of Facebook.

Facebook apps are used to make payments, donations, and other monetary related transactions. The new feature makes these transactions simpler for users by a one-time registration process. You need to just add your preferred payment method once and then use Facebook Pay for every buy. Facebook ensures your payment information is secure and protected.

Facebook Pay will start releasing out on Facebook and Messenger this week in the US for fundraisers, in-game purchases, event tickets, person to person payments on Messenger and purchases from select pages and businesses on Facebook marketplace.

initiated with Facebook, their next rollout will be or Instagram and WhatsApp. One it is available in these apps, you can directly set-up the payment methods within each app.

Features of Facebook Pay

  • With Facebook Pay, you don’t need to re-enter the payment details every time you make a purchase.
  • Glimpse payment history, manage payment arrangements in one place.
  • Get real-time customer support via LIVE chat (presently in the US and many more in the future).
  • Know which payment services are a part of Facebook.
  • For security purposes, you can add a PIN or biometric or face-recognition to be prompted before every transaction.
  • It won’t automatically set-up in their every app unless you manually do so.
  • How to activate?

    Facebook app or Messenger – Settings – Facebook Pay – Add a payment method

Facebook supports major credit cards and debit cards along with Paypal. It is built on existing financial infrastructure and partnerships around the world.

On a discussion about the security and protection, Facebook stated, “With Facebook Pay, we are continuing to invest in security. We designed Facebook Pay to securely store and encrypt your card and bank account numbers, perform anti-fraud monitoring on our systems to detect unauthorized activity and provide notifications for account activity.”

Facebook assures not storing any of the user’s security information.

Facebook is working towards the betterment of Facebook Pay by developing its features to make it more valuable for the users.

 

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Jose Alvarado
Jose Alvarado is an economic expert with a special interest in the unregulated currency system. He believes that the future of the planet lies in the unregulated system and that cryptocurrency is only beginning its journey. Whether his prediction is true or not, his skills certainly show his ability to analyze trends and dissect policy decisions. His column talks about the various cryptocurrencies failing and succeeding in a market that is nowhere near saturation.

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