Facebook Pay will let users pay for purchases from select Pages and businesses on Facebook Marketplace, the company announced today. People can already shop, donate, and send money to each other, but “Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”
Facebook’s payment solution will “provide people with a convenient, secure and consistent payment experience across Facebook, Messenger, Instagram and WhatsApp.”
The social networking site made it clear that Facebook Pay is separate from its “cryptocurrency” Calibra wallet that is based on its controversial Libra network.
Shoppers will be able to use PayPal as well as major credit and debit cards to fund their Facebook Pay purchases. “Payments are processed in partnership with companies like PayPal, Stripe and others around the world,” it said, noting that Facebook Pay is built on existing financial infrastructure and partnerships.
Facebook Pay will begin rolling out on Facebook and Messenger this week in the US, and over time, it will be expanded both geographically and for use across Instagram and WhatsApp.
A senior writer at Wired put Tuesday’s news in perspective. Lauren Goode tweeted, “Another example of Facebook taking an already-existing FB feature or product, giving it an official name, and trying to create a new experience around it. Co has done it with video (“Watch”), dating (“Dating”), and now payments (“Pay”).”
To start using it now, users can go to “Settings” > “Facebook Pay” on the Facebook app or website and add a payment method. Users can view payment history, manage payment information, and access customer support through Facebook Pay, according to the FAQs.
You can find the announcement on the Facebook newsroom page.