Imagine being able to transact directly within the Facebook ecosystem and across its multitudes of social platforms including Messenger, Instagram and WhatsApp. Chances are you are on at least one of these platforms if not all, so Facebook Pay sounds like a really convenient payment system to be on.
Given that Facebook has sellers on Instagram, WhatsApp Business market and Facebook Marketplace all this makes paying vendors on the platform very easy.
With Facebook Pay it offers its users the convenience of sending money, donating and paying for goods on any of the apps. The catch is that Facebook Pay doesn’t allow for P2P transfers (i.e. transferring from one individual to another).
If all this sounds familiar, Facebook tried to get into the fintech game by introducing its own cryptocurrency Libra, but that effort went belly up this year.
Facebook Pay will be rolling out to the US very soon. While there are no concrete plans for a global release of the service but once this service has game-changing ramifications for all its different apps so we shouldn’t be surprised that is not a matter of ‘if’ but ‘when’ Facebook Pay comes to this side of the world.
