The digital payment competition is heating up as Facebook Pay got launched in the U.S. and it makes it easier for users to transfer money on all popular apps including Instagram, Whatsapp and Messenger.
The concept is similar to how Google Pay and Samsung Pay works but this is purely based on apps rather than any physical devices such as a Samsung Galaxy Phone or an Apple Watch. Facebook previously also announced that they will be getting into the cryptocurrency space and launch their own coin that can be used to make purchases, or also to send and receive payment within their app.
The newly launched Facebook Pay is simpler and can be used by all users who have a debit card or credit card. The idea does negate the concept of having bankers in between and it may eventually even became a standalone platform that has nothing to do with your banks. For now, you do need a valid card and all the payments will be directly debited or credit from your account.
Facebook doesn’t store the money in their own wallet but rather simply let you make use of Facebook Pay to pay for stickers, buy tickets, send to people, buy items on the Facebook marketplace. Whatsapp Pay is another standalone payment service used only for Whatsapp but the service is being rolled out only in India for now. People in the USA can make use of this new rollout which is expected to soon be made available around the world.
The issues continue on how FB handles data and they not only own Whatsapp and Instagram but will have access to all your credit, debit cards when you start making use of Facebook Pay. Going by this trend, it won’t be long before digital payments become the norm around the world. When it does, it will also eliminate the process of having to pay more when you import items from China or transfers funds for business. We do have to wait for 2020 in order to see how this fleshes out in the real world.