The plenty of talks about Facebook getting too powerful doesn’t seem to bother the company. It has now launched a new payment system called Facebook Pay. This new payment system will be available across Facebook, Messenger, Instagram, and WhatsApp.
Facebook Pay is basically designed to simplify payments across the company’s popular social networks and apps. Users will be able to transfer funds to friends and relatives, pay for goods, and donate to fundraisers.
According to the company, Facebook Pay is “built on existing financial infrastructure and partnerships”. The company is planning to roll the service out on Facebook proper and Facebook Messenger this week.
For the first phase, the service is only going to be available for fundraisers, person-to-person payments, event tickets, and in-game purchases. It will also be available on some purchases from pages and businesses that are on Facebook’s Marketplace.
Facebook has not revealed when Pay will be available on all its apps. There’s no known date when it will launch internationally too. The company says it will gradually roll it out to its other platforms (WhatsApp and Instagram) and more people as well. “Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp,” says Deborah Liu, Facebook’s Vice President of Marketplace and Commerce.
Liu added, “Facebook Pay is part of our ongoing work to make commerce more convenient, accessible and secure for people on our apps,” says Liu. “We’ll continue to develop Facebook Pay and look for ways to make it even more valuable for people on our apps.”
Facebook Pay will be available in the settings section of Facebook or Messenger apps, and it will support most debit and credit cards and PayPal, Stripe, and other payment processing services.