Facebook Pay – New Payment System for WhatsApp, Instagram & Facebook
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In March, Facebook – the social media giant officially announced that it will launch a new payment service through its messenger application.
On November 12, 2019, Facebook launched a new payment system that will work in its application ecosystem: Facebook, Messenger, Instagram, and WhatsApp, appropriately called Facebook Pay. It is designed to facilitate payments on social networks and popular Facebook applications.
What are Facebook Payments?
You can use Facebook Pay to send money to your connections, buy goods or even donate to fundraisers. The service will be separated from the new Calibra Facebook wallet and the Libra network and will be built on existing infrastructures and financial partnerships, according to the company.
Facebook Pay will begin to be distributed on Facebook and Messenger in the United States for fundraising, in-game purchases, event tickets, person-to-person messenger payments and purchases made on certain pages and Facebook Marketplaces.
“Over time, we plan to offer Facebook Pay to more people and places, including for use on Instagram and WhatsApp,” said Deborah Liu, Vice President of Marketplace and Commerce at Facebook in an official statement.
You can start using Facebook Pay on Facebook or Messenger in just a few clicks. Facebook Pay will be available in the Facebook or Messenger application settings section and will support most debit and credit cards as well as PayPal. Facebook is using Stripe, PayPal and others to process these payments.
Facebook did not specify when this payment system will be available in all its applications, nor when it will be launched internationally. Once Facebook Pay is available on WhatsApp and Instagram, you can configure it directly within each application.
Users can add a PIN or use device biometrics, such as touch or facial recognition, to improve security when sending money or paying.
In India, Facebook aims to launch WhatsApp Pay, a peer-to-peer payment system.
How Facebook Pay Can Benefit E-Commerce Businesses?
Facebook Pay will provide a direct link to your e-commerce business to the consumer. Because the information of their debit card or credit card is already connected to the platform, the payment is transparent and easy to use.
Facebook is already an important advertising platform and now that users can link their payment information to social media, they can make purchases faster and easier than ever.
In addition to creating a seamless payment channel for consumers, Facebook payments also open up a world of opportunities for advertisers. Facebook already sells an individual’s personal information to companies that market on its platform.
Your online eCommerce business is likely to also get individual card numbers and purchase history as well. By obtaining this information, your online business can maximize its reach to consumers by sending more relevant offers and messages. This type of personalized marketing approach can lead to more financial gains.
The e-commerce web development service also serves B2B and B2C market segments. With the advancement of Facebook Pay and innovative technologies, the e-commerce market has seen enormous growth in competition.
So, if you’re one of those who are always looking for the best, you’re in the right place. Fortunately, SetBlue is one of the best e-commerce web development companies in India. Hire an e-commerce web developer from SetBlue for your next e-commerce project.