Facebook has unveiled a new payments platform aimed at making it easier to send money online.
Facebook Pay will work not just across the social network, but also on Messenger, WhatsApp and Instagram, allowing users to transfer funds to their friends and contacts on any of those apps.
The company says it will offer “a convenient, secure and consistent payment experience” across all those services, with user information remaining secure and protected.
After choosing a preferred payment method, Facebook Pay will work instantly, meaning there’s no need to re-enter payment information for each transaction. Users can select whether to limit Facebook Pay to specific apps, and can view their payment history, manage payment methods and update their setting in a single location, with real-time customer support via live chat on offer as well.
Facebook Pay is launching on Messenger and Facebook in the US this week, with fundraising, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on Facebook Marketplace the inital use cases made available.
The company says that WhatsApp and Instagram will be added “over time” but did not confirm exactly when.
Facebook Pay will support most major credit and debit cards as well as PayPal, which along with Stripe and other payments firms will handle transaction processing.
The news comes after several tough weeks for Facebook’s other financial projects, namely its Libra cryptocurrency, which has lost nearly all of its big-name backers following concerns over how the system would operate.
The company emphasised in its launch blog that Facebook Pay is built on existing financial infrastructure and partnerships, and is separate from both Calibra and Libra network.