Facebook is turning out to be a major in the technology landscape. After acquiring Instagram and WhatsApp, the company is now focusing on breaking into the online payment industry. Recently, Facebook launched its new payments platform dubbed Facebook Pay which is geared towards making online transactions simpler.
According to reliable sources, Facebook Pay would run on platforms like WhatsApp, Instagram, and Messenger, letting people transfer funds to their contacts and friends. The company claims that it will provide a secure, consistent and convenient payment experience across all these platforms. It will also ensure that user’s information is protected and secured.
Reports suggest that, with Facebook Pay, users wouldn’t be burdened with entering their payment information for every transaction after selecting a preferred payment method. Users would have the option to restrict Facebook Pay from gaining access of other apps.
Additionally, they can manage their payment methods, update their settings in a single location with real-time customer support through live chat and view their payment history. The payment platform would also support several major debit and credit cards. It would offer the option of PayPal, along with Stripe and other payments option which would handle transaction processing.
Sources close to the move claim that Facebook Pay will launch on Facebook and Messenger this week in the U.S., helping users with in-game purchases, person-to-person payments on Messenger and event tickets purchases. The social media giant is also planning to launch its payment platform on Instagram and WhatsApp, but has rejected to disclose the exact launch dates.
Incidentally, this development marks as a positive news after a series of tough weeks with Facebook’s other financial projects, namely Libra cryptocurrency. For the record, Libra has lost most of its big investors after hearing the concerns over the operation of the system.
Speaking on which, the company claims that Facebook Pay is developed on its existing financial infrastructure and is independent form both Calibra and Libra network.