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#WHAT IS FACEBOOK PAY?
Apparently Facebook has announced it’s new payments system and called it “Facebook Pay” it allows users to send money to their friends, pay for their online shopping, and even donate to their causes.
As the name suggests it’s Facebook payments, besides Facebook it will also be rolled out on other platforms such a Messenger, Instagram, and WhatsApp.
Facebook’s vice president of marketplace and commerce Deb Liu explained that part of the reason for this initiative, called Facebook Pay, was to “make sure that it’s really clear to our users and that they have an understanding of our unified products.” Like Apple Pay, the whole Facebook Pay system will have one banner, so users always know who’s getting their info and how it’s used.
If a user decides to sign up for Facebook pay they can only add“debit card” as their funding source because the company said it wanted to minimize and avoid fees as much as possible. Similar to bank transactions and deposits, payments could take up to three business days to go through.
#HOW DOES IT WORK?
Reluctantly the details Facebook provided are limited, but here are all the key features, according to Facebook:
1. Add a payment method, then use it to make payments or purchases on Facebook’s apps.
2. Set up Facebook Pay app-by-app, or choose to set it up for use across apps.
3. View payment history, manage payment methods and update your settings in one place.
4. Get real-time customer support via live chat (currently only available in the US).
#HOW CAN USERS ACCESS FACEBOOK PAY?
You will be able to access Facebook Pay in the settings section of Facebook or Messenger apps and you can do so by doing the following:
1. Go to “Settings.”
2. Tap on “Facebook Pay” on the Facebook app or website.
3. Select “Add a payment method.”
Facebook mentioned in a statement that for security and privacy reasons it won’t automatically set up “Facebook Pay” across the apps unless you choose to do so.
#HOW DOES IT IMPACT THE E-COMMERCE BUSINESS?
Facebook payments provide a direct link for e-commerce business to the consumer. Since merchants who advertise with facebook, their debit card information is already linked to the platform, the payment is seamless and easy to use. Facebook is already , and now that users can link their payment information to the social media outlet, they can make purchases quicker and easier than ever before.
On one hand, it created a seamless payment funnel for consumers while on the other hand, Facebook payments opened up a world of opportunities for its advertisers. Its no secret Facebook already sells its user’s personal information to companies that market on its platform, and it’s likely that an e-commerce business can now obtain individual card numbers along with a purchase history as well. Why? well, because by having this information at hand, the business can better optimize its outreach to consumers, sending more relevant messaging and offers. This type of customized marketing approach may gross higher bottom-line gains as a result.
#IS FACEBOOK PAY AVAILABLE IN IRELAND?
As of November 2019 Facebook Pay isn’t currently available in Ireland but keep it in mind that Facebook had quietly secured an e-money license from the Central Bank of Ireland back in October 2016 so it’s only a matter of time, they will roll it out worldwide eventually.
In a statement, Facebook said: “We are rolling out Facebook Pay to a small set of countries and apps first, with the intention to bring this service to more people over time.”
You can read more about Facebook Pay and its updates directly from facebook here