Facebook launched a new payment service on Tuesday that will allow users to send and receive money and make purchases in any of its family of apps, including Instagram, WhatsApp, and Mesenger. It is currently available on Facebook and Facebook Messenger and will continue to launch on other apps at a later date.
Facebook Pay allows users to transfer money directly from their bank account or credit card, much like Venmo, Google Wallet, and Apple Pay. Facebook also said that it can be used as payment on Facebook Marketplace.
Unlike other payment services, Facebook Pay will not store money in an online account. It also has no fees.
Facebook Messenger already had a service called Payments but it did not accept most major credit cards. Facebook Pay will accept most major credits, as well as PayPal.
Facebook Pay must be added to each app individually. It can currently be set up in the settings menu of the Facebook app or website.
🔦 The service is launching as Facebook’s planned digital currency, Libra, faces intense regulatory scrutiny. Many partners originally involved — including MasterCard, Visa, and eBay — have dropped the digital currency project.