Mobile payment services made transactions a lot easy and that’s the reason why we are surrounded by so many online payment apps. Now, Facebook is ready to capitalize on this emerging market. They have recently launched payment options on their three most widely used apps i.e Whatsapp, Instagram, and Messenger.
Facebook has long-term plans to rule the payment industry and they have taken another step to enter this domain.
Now, you can buy apps, services, and book tickets as per your convenience through Facebook messenger. Users can easily use Facebook Pay for sending money to their friends, buy goods and services from the Facebook marketplace, make donations, and much more. The users are also allowed to see the payment history, manage payment methods from an interactive and robust dashboard.
What are the Prime Details this Official Announcement Contains?
In the company’s official statement, Facebook said it will offer “an easy, secure and consistent payment experience” across all those services, with user’s sensitive information remaining secure and protected.
- This newly launched Facebook is completely different from the Libra network.
- You can enable payment options in the required app according to your requirement. It means if you use Facebook pay on Instagram, the company would not directly allow payments to be made on Whatsapp until you allow it from the app.
But, one of the most controversial things about Facebook is their carelessness about the user data. The company faced a critical backlash from its users all over the world. Due to this, finally, the company ensured that they would use a combination of activity alerts, encryption, and biometric authentication to make sure that the user's money stays where it belongs.
Facebook comes to securely store and encrypt your card and bank account numbers, protects you from any fraudulent activity, and provides notifications for account activity. Users are allowed to add a PIN or device biometrics like face recognition to make transaction safer transactions. Users can choose their favorite payment options including debit and credit cards and PayPal. You may not be aware of an interesting fact about PayPal pulling support from Facebook due to their policy differences but now the good news is that they have come forward to back Facebook Pay.
Setup Facebook Pay to Make Your First Transaction
Facebook has already covered all the major countries and started providing this payment service in all their apps. You can follow the steps given below to make your first transaction.
- Visit Facebook App or Website.
- Click on “Setting”
- Choose the app you want for payment service.
- Add your choice of payment.
- You are done!
This new revolution will hopefully bring a new revolution in the payment service sector. As Facebook has the largest user base, you can imagine the opportunities that are underlying it. If you are an aspiring entrepreneur, join the hands with Fintech App Development Company and build your P2P payment app for your customers.
Disclaimer: This blog is for information purposes only. We strongly advise our readers to do their diligence about views expressed in the blog and our company is not responsible for anything.