Facebook is going to introduce a new payments system named Facebook Pay. That will facilitate all the users of Facebook, Messenger, Instagram, and WhatsApp in payments as it is designed to facilitate payments across Facebook’s popular social networks and apps.
Facebook Pay: A New Payment System for WhatsApp, Instagram & Facebook
All the users will be able to use this new service in order to send money to friends and shop for goods. They can also use the Facebook pay to donate for fundraisers. According to the Facebook that the service is separate from Facebook’s new Calibra wallet and the Libra network. This new payment service is built on existing financial infrastructure and partnerships.
Facebook will roll out this new payment service on Messenger and Facebook in the US this week, but soon it will expand the services to the other parts of the World. Initially, the service will only be available for fundraisers, person-to-person payments, event tickets, in-game purchases, and some purchases from pages and businesses that are running on the Marketplace of Facebook.
Deborah Liu, Facebook’s vice president of marketplace and commerce explains:
. “Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp,”
Users can download the Facebook Pay, once it rolled out, by visiting the settings section of the Facebook or Messenger apps. This service will also support most debit and credit cards and PayPal. Facebook has collaborated with Stripe, PayPal, and others to process these payments.
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