Facebook launched the new Facebook Pay payment tool on Tuesday, to carry out transactions with a unique system on Facebook, Messenger, Instagram and WhatsApp. It will be available on Facebook and Messenger in the United States this week and will then be extended to other company platforms and other countries around the world.
Facebook Pay has nothing to do with the Libra cryptocurrency project, from which it will be separated, as explained by the company in the article with which it announced the news. It will be used for fundraising, in-game purchases, tickets for events, payments between people on Messenger and purchases from some pages and selected companies in the Facebook Marketplace. A video shows what you can do with Facebook Pay.
With the new feature you add your favorite payment method once, and then you can use Facebook Pay where available to make payments and purchases on Facebook-owned apps, instead of having to re-enter your payment information every time.
The app allows you to view payment history, manage purchase methods and update settings in one place. Facebook Pay supports most of the major credit and debit cards and even PayPal.
Privacy concerns
For those who fear that a stranger can open their Facebook app and use their money at will, Facebook explains that the new app is safe. “We designed Facebook Pay to securely store and encrypt your card numbers and bank account,” read the Facebook newsroom.
You can also add a pin or use the device’s biometric data, such as touch recognition or face ID, for an additional level of security when sending money or making a payment. And Facebook does not receive or store the device’s biometric information.
The concerns are more for profiling for advertising purposes. What you buy can affect the ads shown. “The actions you take with Facebook Pay can be used for purposes such as providing the most relevant content and ads,” wrote Erin Egan, Facebook vice president and Chief Privacy Officer of Public Policy. “For example, if you buy a baseball glove in the Facebook Marketplace, you might see an ad for a baseball bat.”
However, as stated by Egan, “the provided card and bank account numbers will not be used to personalize the experience”. Only the purchase and donation history will be used to adapt the ads.
