What is Facebook Pay? Facebook Pay Review

1. Basic Introduction of Facebook Pay

Facebook Pay will be available for Facebook, Messenger, Instagram, and WhatsApp, with specific functions including payment, donations, and transfers. Starting this week, Facebook Pay will first be launched on Facebook Messenger in the United States, and will be expanded to different countries and regions as well as Instagram and WhatsApp in the future.

Facebook Pay supports binding most credit cards, debit cards and PayPal. The payment process is handled by PayPal, Stripe and other companies. In the future, payment methods such as "fingerprint payment" and "facial recognition payment" may be added. Facebook said that Facebook Pay and the upcoming digital wallet service Calibra are different services, which is used for the settlement of digital cryptocurrency Libra.

Influenced by this news, Facebook's stock price rose 2.56% to $194.47 per share at the close of November 12.

Facebook Pay is not an application, nor is it an embedded program in an application. It is a universal payment method in different Facebook software.

Facebook Pay will collect users' transaction history, payment details and contact information. Credit card data will be encrypted and users can choose whether to share this data. The data collected from Facebook Pay transactions may be used for advertising on Facebook's platforms. In the announcement, Facebook gave an example that "if you use Facebook Pay to buy a pair of baseball gloves on Facebook Marketplace, you may see ads for baseball bats on the platform." But unless users actively share this data, Facebook Pay will not make the data public.

2. Application Scenarios

Initially, the payment app will be used for fundraising, peer-to-peer payments, event ticket payments, in-game purchases, and payment for goods or services on Facebook Marketplace pages.

3. Platform Features:

1. Pre-set your preferred payment source without having to re-enter payment information each time

2. Choose whether to use Facebook Pay on just one Facebook app or on all platforms.

3. Check payment history, manage payment settings and make real-time updates

4. Get live chat customer support (currently limited to the US market, but may be expanded to more markets in the future)