Facebook is expanding its financial services arm, unveiling its in-app payments platform Facebook Pay, for its social media site, Instagram, Whatsapp and Messenger.
The service will first be introduced on Facebook and Messenger and then eventually introduced on Instagram and Whatsapp.
The company said it wants to provide people with a convenient, secure and consistent payment experience across its ecosystem.
Deborah Liu, VP, Marketplace & Commerce at Facebook said its users already use the platform to shop on its various platforms, donate to causes and send money to each other.
Facebook Pay will begin rolling out this week in the US for fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select pages and businesses on Facebook Marketplace.
Over time the company plans to introduce the payment globally.
Facebook Pay is built on existing financial infrastructure and partnerships and is separate from the Calibra wallet which will run on the Libra network.
Users will be able to add their preferred payment method once, then use Facebook Pay to make purchases on their apps. The platform supports most major credit and debit cards as well as PayPal.
They will also set up Facebook Pay app-by-app or choose to set it up across apps, giving the consumer a choice to where they want their banking details stored.
The payment system will allow users to view payment history, manage payment methods and update settings in one place Get real-time customer support via live chat and clearly understand which payment services are part of Facebook.
It can be accessed via the settings tab on Facebook or Messenger.
The social media giant is following the likes of Apple and Google which already have their own dedicated payment platform.
Facebook has been slowly making its way into the payments space with the announcement of its own cryptocurrency Libra in June this year.
Liu said with Facebook Pay, they are continuing to invest in security.
“We designed Facebook Pay to securely store and encrypt your card and bank account numbers, perform anti-fraud monitoring on our systems to detect unauthorized activity and provide notifications for account activity.
“You can also add a PIN or use your device biometrics, such as touch or face ID recognition, for an extra layer of security when sending money or making a payment. Facebook does not receive or store your device’s biometric information.”
She said, “Facebook Pay is part of our ongoing work to make commerce more convenient, accessible and secure for people on our apps.
“And in doing so, we believe we can help businesses grow and empower people everywhere to buy and sell things online. We’ll continue to develop Facebook Pay and look for ways to make it even more valuable for people on our apps.”