Facebook Pay will now be added to the list of payment methods in sites other than the company’s platforms like Facebook, WhatsApp, and Instagram. After credit card companies dropped out of the Libra cryptocurrency project, Facebook has launched this payment method.
Facebook pay will be used for payments for participating retailers similar to Google’s stored cards, PayPal integrations, and Amazon Pay. The first retailer to make use of the method is Shopify. More retailers will be added to the list after its launch in August.
The method will make payments easier as transactions will happen from cards whose details are already stored in the customer’s Facebook profiles. It will also add more data in terms of billing and contact details to Facebook. The privacy page of Facebook Pay says that it will “securely store and encrypt your card and bank account numbers”. Facebook Pay confirms that it will not personalize ads based on the purchase or bank details.