Facebook has announced the arrival of a new payment system that will work across their apps: Instagram, WhatsApp, and of course, Facebook. However, not a lot of people might comfortable to make payments on Facebook given its shabby record of handling personal data.
You can already make payments in the form of donations and in-app purchases inside various Facebook-owned products, and soon you'll be able to do that across Facebook's apps through one system that will store user credit and debit cards.
He said the company would encrypt conversations on more of its messaging services and make them compatible as direct messaging was likely to dwarf discussion on the traditional, open platform of Facebook's news feed in a few years.
The blog also acknowledges that the actions you take via Facebook Pay could be used for "more relevant content and ads" for you.
Granted, the ability to send money to friends or family on Facebook is a feature that has been available on the platform for quite some time. He said the conversations would be in such a way that users can navigate in and out of various messages on any of the apps - Facebook, WhatsApp, Instagram, as they will be synced together. Instagram and WhatsApp support is coming down the line.
Meanwhile, it is pertinent to note that Facebook Pay is built on existing financial infrastructure and partnerships and is separate from the Calibra wallet which will run on the Libra network. It also provides real-time customer support via live chat, and lets you clearly understand which payment services are part of Facebook. Users will be provided notifications for any account activity such as a payment made for a purchase. Facebook Pay will roll out in the U.S. for fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on the Facebook Marketplace. Facebook does not receive or store the device's biometric information.