Facebook has made official its payment method for all its applications and social networks, Facebook Pay. It is not Libra, the virtual currency they have been working on, but a system that links your debit or credit card and allows you to pay on your apps quickly.
Facebook Pay will be available on WhatsApp, Instagram, Messenger and Facebook as a payment method to make purchases or to make payments between contacts. The idea is that by giving Facebook the details of your cards regardless of the app you use you can pay without filling your personal data again and again.
It is a subtle way to “force” many people to link their Facebook, Instagram, Messenger and WhatsApp account into one, to make it more difficult to dismember it as some politicians want.
Facebook Pay will be available throughout this week in the United States, for now on Facebook and Messenger to make purchases in games, event tickets, payments between people and payments on some of the Facebook business pages.
Soon it will reach WhatsApp and Instagram, also to more countries. The crucial moment of Facebook will be when you arrive at WhatsApp since there are more than 1.2 billion people using the application that will entrust Facebook with their credit cards.
Facebook promises that they will be safe payments, but at this point nobody can believe them 100%
Taking into account the long history of security and privacy problems that Facebook has starred in, it is evident that they have placed a special interest in protecting something as important as credit card data and how to pay.
Facebook promises that it will monitor payments between people and businesses to avoid fraud, something that is a standard in the entire payment industry and that they are required by law in most countries where a banking platform operates.
To make payments you will need to create a PIN or, if your phone allows it, use a biometric system such as fingerprint or facial recognition to confirm your identity.
Facebook will send notifications for each transaction and create a section where you can review all transactions made, so you have more control over how the money is spent.
In the event that a user who uses several of his applications does not have his account linked between them, he will have to configure Facebook Pay independently.