Facebook Pay Will Extend to Online Retailers in August
Facebook Pay is a seamless and secure way to make payments on Facebook, Instagram, Messenger, and WhatsApp. Enter your payment card or account information once and then use Facebook Pay to make purchases, send money or donate within the apps. A PIN or biometrics helps to secure individual payments. Facebook Pay is also a way to view payment history, manage payment information, and access customer support.
Facebook is taking a big step to expand its payments platform. The company has announced plans to break out Facebook Pay from its own ecosystem to facilitate transactions across the web. Starting in August, customers will be able to make purchases from Shopify-powered businesses using the payment method. This comes after credit card companies back out of Facebook’s Libra cryptocurrency, which led the social media giant to launch its own payment system for use across the main site, as well as WhatsApp and Instagram.
Of course, this isn't just an easier way for retailers to get paid with cards customers have already stored in their Facebook profiles, it's also a way to get even more data into Facebook.
The announcement points to this privacy page for Facebook Pay, which clearly states:
1. As with previous payment options on our apps, when you make payments with Facebook Pay, we''ll collect information about the purchase such as the payment method, transaction date, billing, shipping and contact details. We designed Facebook Pay to securely store and encrypt your card and bank account numbers.
2. As with our other products, the actions you take with Facebook Pay can be used for purposes such as to deliver you more relevant content and ads, to provide customer support and to promote safety and integrity.
The card and bank account numbers you provide will not be used to personalise your experience or inform the ads you see.