Everything you need to know about Facebook Pay
SAN FRANCISCO: marking its foray into the digital payment system, Facebook has launched a new payment system called Facebook Pay which allows users to send money to friends, buy and donate on the social media platform and Messenger.
Currently available in the US, it will be expanded to Facebook -owned Instagram and WhatsApp later.
It is not yet clear if Facebook Pay will launch in India as Facebook 's plans in the country are focused around WhatsApp Pay as it has a massive WhatsApp user base in the country. However, it hasn't been introduced so far due to regulatory issues.
It is also not known if both Facebook Pay and WhatsApp Pay will be introduced in India.
According to the social networking giant, users do not need to download anything new -- Facebook Pay works seamlessly on the apps they use.
Mobile billing will also be a mode of payment on the platform, according to the company's payment terms.
Getting started is quick and easy. Simply add your credit card, debit card or PayPal, and you will be ready, the company said on its support page.
Eligible users can set up Facebook Pay by setting it up for use across all Facebook apps individually. They can go to Settings > Facebook Pay , on the Facebook app or website, then add a payment method.
It is pertinent to note that Facebook Pay is also not connected to its proposed cryptocurrency wallet Libra.
The company will not charge a fee to users for sending and receiving money through the Messenger application.
Facebook may, however, subject users to fees from third parties for reversal charges or insufficient funds if attempted payments are rejected.
Users under 18 will not be able to use the peer payment service (P2P) in Messenger.
P2P should also not be used for commercial, commercial or commercial transactions. The company will discontinue payment services if you notice such prohibited transactions.