Last Updated on 19/07/2021 by Sanskriti
Facebook pay is available outside the company’s own platform, according to the press released by Facebook on 14th July, users will now be provided a payment option to choose from. In August of this year, Facebook’s payment system will be extended to online shops.
Not long after credit card companies pulled out of Facebook’s Libra cryptocurrency effort, the company unveiled its payments system for use throughout the main site, as well as WhatsApp and Instagram. Facebook Pay is now available for use in transactions with partner shops, exactly as PayPal integrations, Google’s saved cards, Amazon Pay, and others. Shopify merchants will be the first to use the system once it opens in August, with others following suit.
It’s also a way for Facebook to collect even more data, besides this isn’t simply a method for shops to get paid using cards that consumers have already saved in their Facebook accounts. The notice directs readers to Facebook Pay’s privacy page, which states unequivocally:
1. As with previous payment options on our apps, when you make payments with Facebook Pay, we’ll collect information about the purchase such as the payment method, transaction date, billing, shipping, and contact details. We designed Facebook Pay to securely store and encrypt your card and bank account numbers.
2. As with our other products, the actions you take with Facebook Pay can be used for purposes such as delivering you more relevant content and ads, providing customer support, and promoting safety and integrity.
The card and bank account numbers you provide will not be used to personalize your experience or inform the ads you see.