With over 2 billion monthly active users, Facebook has become one of the most popular ways for people to connect all over the world. But did you know that you can also use Facebook to securely send and receive money? Facebook offers a built-in payments service called Facebook Pay that allows you to quickly transfer money to friends and family.
What is Facebook Pay?
Facebook Pay is an integrated payments system across Facebook, Messenger, Instagram, and WhatsApp. It allows you to send and receive money securely without fees, as well as donate to causes and shop from businesses directly in the apps. Here are some key things to know about Facebook Pay:
- Easy and fast payments: You can securely send money to anyone via text messages.
- No fees: Facebook doesn’t charge any fees to send or receive money using Facebook Pay.
- Funding sources: Link your debit card or PayPal account to fund payments.
- Available across apps: Send/receive money via Facebook, Messenger, Instagram and WhatsApp.
- Donations and shopping: Use Facebook Pay to give to nonprofits or purchase items.
- Strong security: Facebook Pay uses the latest security measures like 2-factor authentication to keep your info safe.
How to Set Up Facebook Pay
Using Facebook Pay is easy and straightforward to set up. Just follow these steps:
- Open the Facebook or Messenger app on your mobile device or desktop.
- Tap on your profile picture in the top left and select “Settings”.
- Go to “Facebook Pay” in the menu and tap “Set Up” to start the process.
- Choose the payment method you want to link. Options include a debit card, PayPal account or your Facebook balance.
- Enter your card details or log into your PayPal account and confirm.
- Review and accept Facebook’s terms for using payments.
- Enable any security measures like 2-factor authentication. Highly recommended!
Once these steps are complete, your payment method will be linked and you’re ready to send money on Facebook.
How to Send Money on Facebook
After you’ve set up Facebook Pay, sending money is a breeze. Just follow these simple steps:
- Go to the Facebook Payments page in your app or open a chat window with the person you want to pay.
- Tap the payments icon ($). On desktop, click the payments tab.
- Enter the amount you want to send.
- Select the payment method you want to use.
- Choose who you want to pay and write a message if desired.
- Confirm all the details and tap “Send Payment”.
The recipient will then get a request for the money in their notifications. Once they accept it, the funds will be sent to their account immediately! The transaction details will appear in your Facebook Pay activity for reference later.
How to Request Money on Facebook
You can also request money from people on Facebook. Here’s how to do it:
- Open your Facebook Payments page or find the name of the person you want to request money from.
- Tap the payments icon ($) and select “Request Money”.
- Enter the amount you want to request.
- Write a message explaining why you’re requesting the funds (optional).
- Confirm the details and choose “Request Money”.
The person will then get a notification that you’ve requested money. Once they approve it, the money will be transferred directly to your linked payment method.
How to Accept a Money Transfer on Facebook
When someone sends you money on Facebook, here is how to accept it:
- You’ll get a notification that you have a pending payment.
- Open the notification and tap “Accept Payment”.
- Review the payment details like the amount, sender name, and any message.
- Choose the payment method you want the money sent to.
- Tap “Accept Payment” to complete the transfer.
As soon as you accept it, the money will be deposited instantly into your chosen account or payment method. You’ll see the transaction details in your payments activity page for future reference.
Payment Limits and Currencies
Facebook does impose some limits on personal payments for security and legal compliance:
- Payment limit: Up to $10,000 per payment.
- Recipient limit: Up to 50 recipients per day.
- Currency support: Over 70 currencies supported.
For businesses, the payment limits may be different, so be sure to check Facebook’s requirements if accepting payments for goods/services.
Facebook Pay Security
Is Facebook Pay safe to use? Facebook Pay utilizes industry-standard encryption and fraud protection measures to keep your data and money secure, including:
- Encryption – Payment info is encrypted end-to-end.
- PINs – Optional PIN access adds another layer of security.
- 2FA – Two-factor authentication helps protect accounts.
- No card numbers – Actual card numbers are not shared in transactions.
- Fraud monitoring – Facebook monitors for suspicious activity.
As long as you have a strong Facebook password and enable security options like two-factor authentication, Facebook Payments can be just as secure as any other payments app.
Pros and Cons of Facebook Pay
Here are some of the key advantages and potential disadvantages to consider with Facebook Pay:
| Pros | Cons |
|---|---|
| Easy, fast payments | Less control than standalone payment apps |
| No fees | Data/privacy concerns with Facebook |
| Wide Facebook reach | Potential account security risks |
| Supports donations | Occasional technical glitches |
| In-chat payments | Payment limits imposed |
Facebook Pay vs. Other Payment Apps
How does Facebook Pay compare to other popular payment apps and services like PayPal, Zelle or Venmo? Here’s an overview:
| Facebook Pay | PayPal | Zelle | Venmo | |
|---|---|---|---|---|
| Fees | None | Transaction fees | None | None |
| Speed | Instant | 1-3 days | Instant | Instant |
| Linked Accounts | Debit cards, PayPal | Bank accounts, cards | Bank accounts | Bank, cards |
| Security | Encryption, 2FA | Top-tier | Bank-level | Standard |
| Social Features | Messages, news feed | Minimal | None | Feed, profiles |
As you can see, Facebook Pay integrates payments directly into a massive social network, while apps like PayPal and Venmo focus more specifically on fast and flexible peer-to-peer payments.
Tips for Using Facebook Payments
Here are some helpful tips for making the most of Facebook’s payments feature:
- Add a PIN – For extra security, set up a PIN to access your payments.
- Set payment limits – You can limit transaction amounts for minor protection.
- Avoid public payments – Be cautious about sending money publicly on timelines.
- Split group payments – Use payments to easily split bills with groups.
- Pay instantly – Send money when on a video call for convenience.
- Use reminders – Set payment reminders so you don’t forget requests.
The Bottom Line
Facebook Pay provides a convenient way to send money to friends or family directly within your social apps. With no fees, support for multiple funding sources, and robust security, it offers a straightforward payments experience for over a billion Facebook users. As with any financial transaction, it pays to be prudent about only sending money to people you know and enabling protective measures like PINs and 2-factor authentication.
While there are still some limitations to Facebook Pay compared to standalone payment services, its tight integration, viral reach, and ease of use make it a handy option for anyone already embedded in the Facebook ecosystem. So next time you need to pay back a friend or split the lunch bill, consider using Facebook Payments to get it done quickly and easily right within Facebook.