Facebook announced on November 12 (local time) that it will introduce a new payment function, Facebook Pay, to the US market.
Facebook Pay can be used for various payments on Facebook and messenger, purchase of applications on the marketplace, and transfers between individuals. In the future, we plan to expand the scope and region of the service so that it can be used on Instagram or WhatsApp.
Until now, Facebook has supported the ability to make payments or transfer money between individuals using a debit card or PayPal. Facebook Facebook expanded this. It supports major credit cards, debit cards, and PayPal. It is building an alliance network with the existing financial infrastructure, and emphasizes that it is separate from the Libra wallet app Calibra, a cryptocurrency led by Facebook.
For Facebook, personal information leakage is often a problem, so you may be concerned about whether it is okay to leave payment information. However, credit card numbers and bank account numbers are now encrypted and stored, and the system is monitoring fraud prevention. In addition, it is said that security can be enhanced by using a PIN or biometric authentication.
Facebook also hears voices calling for a split between Instagram and WhatsApp. But Mark Zuckerberg denied it. In addition, the brand logo has been updated, the mark’from FACEBOOK’ has been added to various apps, and the interoperability of messenger, Instagram, and WhatsApp message functions has been mentioned. It can be seen that the addition of payment functions that can be used to and from each service has the purpose of opposing the division and strengthening the linkage for each service. Related information can be found here .