Facebook Pay expands its availability outside of its own social media platform, thus allowing online merchants to add the service as a payment option directly on their own sites.
Online shoppers will have through Facebook Pay another option to pay for purchases in addition to the usual payment methods. Initially, Facebook launched the payment system for use on its main website, as well as on WhatsApp and Instagram mobile applications. So, like the cards stored by Google, PayPal integrations, Amazon Pay and others, Facebook Pay becomes an important player in the online payment acceptance segment. Shopify merchants will be the first to be able to use the payment acceptance option, and will be available to other merchants after its launch in August.
The announcement of the expansion marks the latest move by the American social media giant, which will strengthen competition in the online payments segment. This is not only an easier way for online merchants to accept the card payment that customers have already stored in their Facebook profiles, but also a way to get even more data on Facebook.
The announcement indicates this privacy page for Facebook Pay, which clearly states: „As with previous payment options in the Facebook group applications, when you make payments with Facebook Pay, we will collect purchase information, such as payment method , transaction date, invoicing, shipping and contact details. We designed Facebook Pay to securely store and encrypt your card and bank account numbers. At the same time, as with our other products, the actions you take with Facebook Pay may be used for purposes such as providing more relevant content and advertising, to provide customer support, and to promote security and integrity. investigate violations of our payment policies). For example, if you buy a baseball glove on the Facebook Marketplace, you may see an ad for a baseball bat.
The card and bank account numbers you provide will not be used to personalize your experience or inform the ads you see. ” While Facebook Pay is still used by only a small proportion of shoppers who currently purchase goods and services in-store and online with Apple Pay or Google Pay, the 2.8 billion active users of the social media giant are a formidable base from to develop its newest revenue stream.