Facebook pay is Facebook’s payment system that allows users to send and receive money through Messenger, Facebook, and Instagram. It was launched in November 2019 to provide a convenient way for people to make purchases and transfer funds online through Facebook’s apps. Since its launch, Facebook pay has seen some changes and new features added, though the core functionality remains the same.
What is Facebook Pay?
Facebook Pay is an online payment system fully integrated across Facebook’s apps and services. It provides a fast, simple and secure way for Facebook users to make payments, send money, make donations, and conduct commercial transactions. When users first sign up for Facebook Pay, they add their preferred payment method such as a debit/credit card, PayPal account or bank account.
Once set up, Facebook Pay allows users to:
- Make purchases and donations directly within Facebook apps
- Send and receive money between friends and family
- Pay for products, services, and donations through Messenger bots and other services on Facebook
- Make transactions seamlessly between Facebook, Messenger, Instagram, and WhatsApp
Facebook Pay aims to provide a unified payment experience across Facebook’s family of apps, with a consistent look, feel and security features. It eliminates the need to enter payment information for each new transaction on Facebook’s platforms.
How does Facebook Pay work?
When a user first sets up Facebook Pay, they add a payment method such as a credit/debit card, PayPal account or bank account. This payment method can then be used for transactions across Facebook apps.
To send money through Facebook Pay, users simply:
- Open an existing Messenger chat or start a new one
- Tap on the payment icon and select Facebook Pay
- Enter the amount to be sent
- Confirm the details and send
The recipient will get a notification that they have received money, which they can then add to their own Facebook Pay account to spend or transfer elsewhere. Payments are made instantly between users.
For purchases within apps, users can choose Facebook Pay at checkout to pay with their linked payment method. Facebook Pay also supports donations to nonprofits and crowdfunding campaigns.
What payment methods can be used with Facebook Pay?
Facebook Pay supports a range of payment methods:
- Debit/credit cards – Visa, Mastercard, American Express and Discover cards can be added
- PayPal – Users can securely link their PayPal account
- Bank accounts (US only) – Checking and savings accounts can be linked by providing account and routing numbers
Users can add one or more payment methods and switch between them when making transactions.
Is Facebook Pay safe to use?
Yes, Facebook Pay uses advanced security measures and encryption to keep user data and transactions safe, including:
- Encryption – Payment details are encrypted before being stored on Facebook’s servers
- PIN/device authentication – Users can set a PIN or use device biometrics like fingerprint or face ID for an extra layer of security
- Account alerts – Users receive notifications for payments and can choose to get alerts for additional activity
- Facebook Protect – Advanced security for high-risk accounts to prevent unauthorized access
Facebook Pay follows industry-standard practices for securely processing transactions and storing payment credentials. User payment information is not shared across Facebook’s platforms or with merchants.
What are the fees and limits for Facebook Pay?
Facebook Pay does not charge any fees for payments between consumer accounts. However, if a debit card is used, the card issuer may charge a fee (similar to other online transactions). Here are the transaction limits:
| Transaction type | Limit |
|---|---|
| P2P payments | $10,000 per transaction $20,000 monthly limit |
| Commercial payments | $10,000 per transaction $20,000 monthly limit |
For merchants, Facebook charges a processing fee per transaction which varies based on the type of business. There are no setup costs or monthly fees.
What are the key benefits of Facebook Pay?
Facebook Pay offers users several benefits, including:
- Seamless transactions across Facebook apps
- No need to re-enter payment credentials on every transaction
- Quick, easy payments between friends and family
- Buy items directly within apps and bots
- Donate to causes with a few taps
- Secure storage of payment details
- Mobile wallet for in-store purchases (coming soon)
For businesses and merchants, key benefits include:
- Access to Facebook’s over 2 billion active users
- Simple pricing with no monthly fees
- Seamless integration using Messenger bots or other services
- Accept payments across mobile and web
What are the new features and changes to Facebook Pay?
Since launching in 2019, Facebook Pay has seen some updates and new capabilities added. Key changes include:
Support for more apps and services
Facebook Pay can now be used for transactions across Facebook, Messenger, Instagram, and WhatsApp. It is also accepted by more third-party services integrated with Facebook.
Add money from PayPal
Users can now add money to their Facebook Pay balance using their linked PayPal account, expanding funding options.
Facebook Protect security
High-risk accounts now get Facebook Protect by default, adding strong account security and monitoring for unauthorized access.
WhatsApp payments
Facebook Pay powers payments on WhatsApp in some countries, allowing users to pay contacts or businesses securely.
Mobile checkout & codes
Facebook is testing a mobile wallet feature to allow in-store checkout using Facebook Pay. Users can also generate codes to send and receive payments.
More supported currencies
Facebook Pay now supports over 40 currencies globally, making cross-border transfers easier.
Recurring payments
Merchants can now offer recurring payments through Facebook Pay, such as monthly subscriptions.
Messenger QR codes
Users can create a personalized QR code to allow friends to scan and instantly send them money through Facebook Pay.
Conclusion
In summary, Facebook Pay provides a convenient payment solution for Facebook users to quickly send money, make purchases, donate to causes and more. Key features include:
- Secure on-platform payments using saved payment credentials
- P2P transfers between users on Messenger
- Seamless checkout for goods/services across Facebook apps
- Support for cards, PayPal, bank accounts and more
- Recurring payments and QR code features for merchants
While the core functionality remains unchanged since launch, Facebook Pay continues to expand supported apps, currencies and innovative features like mobile payments. For most consumers, the biggest benefits are convenience, speed and security when making transactions through Facebook’s ecosystem of apps.