Libra isn’t Facebook’s only big leap into the payment world. The social media giant has unveiled Facebook Pay, its bid at simplifying both purchases and money transfers. Facebook Pay was announced today, with the primary goal of providing Facebook users with a “convenient, secure, and consistent” payment experience throughout various company properties, including Facebook itself and Messenger. Instagram and WhatsApp support is coming down the line.
Unlike the other “Pay” services we first discussed, which function across a broad range of digital and real-world locations (including many major retail stores), Facebook Pay’s scope will be limited to the platforms mentioned above. This is perhaps for the best: one could argue that the world doesn’t really need yet another debit card alternative.
Regardless, let’s get down to the nitty-gritty. How, exactly, does Facebook Pay work? According to the company, you can set up the service by simply visiting the Settings section of the official Facebook app or website. Upon doing so, you’ll be able to add a payment method of your choice.
Once you’ve finished those easy steps, you can use Facebook Pay to send money directly to your friends and family, donate to charities, fundraisers or other social causes, and purchase items on “select” Facebook Marketplace Pages and businesses. If you’re a fan of Facebook’s library of social games, you can also use it to pay for in-game microtransactions.
Facebook promises that all of your payment information will be “securely [stored]” and encrypted. If you’re particularly wary about the security, you can setup pre-purchase biometric or PIN code requirements as well.
