Facebook Pay: New Payment System by Social Media Giant after Libra

Facebook, the social media giant, launches a new fiat payment system called Facebook Pay. The announcement comes soon after regulators stonewall its Libra stablecoin project. Facebook Pay allows users to buy and sell things online across Facebook, Instagram, Messenger, and WhatsApp. The VP, marketplace & commerce at Facebook, Deborah Liu said that people use Facebook’s payment applications for a variety of reasons. Some use it for donating to causes while others use it for shopping and sending money to each other. Facebook Pay will encourage these transactions more by providing the easiest way possible. Now people can think of a payment mode that is secure and protected.

To avoid further regulatory scrutiny, the company representative says that this new payment system is built on existing financial infrastructure and partnerships. Facebook representative on behalf of the company also clarifies that it will operate alone and not alongside Facebook’s Libra network and Calibra wallet.

Features of Facebook Pay

  • Just add your favorite payment method once, and use it to make purchases and payments easily without re-entering your payment information each time
  • Enable permission to use Facebook Pay where available! It avoids automatic setup across the apps you’re active on unless you choose to do so
  • View, manage and update your payment settings all at one place
  • Real-time support via the live chat facility
  • Understand which payment services are part of Facebook clearly

The representative announces that Facebook’s new payment facility is rolling out this week in the USA on both Facebook & Messanger for in-game purchases, fundraisers, person-to-person payments, event tickets, and purchasing from selected pages and businesses in the Facebook marketplace. Over time, it will reach more people and places including Instagram and WhatsApp uses.

How does the New Payment Facility work?

Just a few taps and you can start using Facebook Pay on Facebook/Messenger

  • Go to settings; then click on the Facebook Pay on the app/browser
  • Add a payment method
  • And done! Start using Facebook Pay to make a payment from next time onwards

Once the new paying system is available for Instagram and WhatsApp, you can start using it within each app by setting up directly.

Facebook claims that it doesn’t store any of your payment information to strengthen the security feature. For more details, check the Facebook Pay Privacy Policy

What do you think? It will revolutionize the digital payment structure or gonna fail. Do let us know through comments.

Meanwhile, you can check how the Telegram app offers help to its users on crypto trading here.