News by Altcoin Buzz: David Abel
Despite the regulatory challenges concerning Libra, Facebook has launched a new fiat payment system named Facebook Pay.
Based on reports, the payment system, Facebook Pay follows a design that facilitates payments across Facebook, Messenger, Instagram, and WhatsApp.
Facebook’s VP of marketplace & commerce, Deborah Liu, spoke about the development. She said people already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay makes these transactions easier while also ensuring users’ payment information is secure and protected.
Importantly, Facebook Pay comes up on Facebook and Messenger this week in the United States for fundraisers. As well as, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from pages and businesses on Facebook Marketplace. Over time, the plan involves bringing Facebook Pay to more people and places. Also, for usage across Instagram and WhatsApp.
PayPal doesn’t mind
The new payment system requires the following steps on Facebook or Messenger. First, go to “Settings” > “Facebook Pay” on the Facebook app or website. Then, add a payment method. Afterward, the next time you make a payment, use Facebook Pay. Immediately the system becomes available, the set up can be carried out directly within the applications.
Besides, Facebook Pay supports some top credit and debit card mediums like PayPal. Its other partners include Stripe and more. The partnership is noteworthy since PayPal opted to abandon the Libra project recently.
However, it is also true that the payment system stands on existing financial infrastructure and partnerships. Thus, it’s very much different from the Calibra wallet which will run on the Libra network.
What to look out for
Facebook Pay users get the opportunity to enjoy added features.
Firstly, there’s room to add your preferred payment method once. Then use the payment system where available to make payments and purchases on the apps, instead of having to re-enter payment information every time.
Besides, users get the opportunity to freely set up the Facebook Pay app side by side with other apps. Users can choose to also set it up for use across apps.
Also, added features to view payment history, manage payment methods and update settings exist. There’s also an opportunity to get real-time customer support via live chat in the United States. As well as, other places around the world. Users also get to clearly understand the payment services Facebook works with.
Concerning security and privacy, the design with the payment system securely stores and encrypts users’ cards and bank account numbers. Anti-fraud monitoring also exists on the system to detect unauthorized activity and provide notifications for account activity. Also, users can add a PIN or use their device biometrics, like touch or face ID recognition, for an extra layer of security when sending money or making a payment. Note, the application doesn’t receive or store the device’s biometric information.