Facebook Pay launched to challenge Apple Pay for mobile payment supremacy

Posted:
in General Discussion edited December 2019
Social media giant Facebook is rolling out a payment method like Apple Pay to allow users to buy products or services, donate to charity, and send money to each other.

Detail from the new Facebook Pay
Detail from the new Facebook Pay


Facebook has launched Facebook Pay, a payment method that is to be integrated into its services, starting with Facebook itself but ultimately also coming to Instagram, WhatsApp, Messenger, and Facebook itself. The payment system is rolling out this week across the US for FaceBook and Messenger.

"People already use payments across our apps to shop, donate to causes and send money to each other," said Deborah Liu, Facebook vice president, Marketplace & Commerce, in a statement.

"Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected," she continued.

Facebook Pay is specifically for making digital payments within the Facebook apps. It can be used to send money to friends, without any transaction charges, but it cannot be used in brick and mortar stores at this time like Apple Pay can.

It works by leveraging other payment systems. Users first give Facebook their credit or debit card details, or PayPal information. Then when they want to buy anything -- such as through Facebook advertising -- they select Facebook Pay at the online checkout. It isn't presently clear why someone with a PayPay account would want to use Facebook Pay instead.

How Facebook Pay works in Messenger
How Facebook Pay works in Messenger


Liu points out that this is not the first time Facebook has had a form of payment system.

"Facebook has offered trusted payment experiences since 2007," she says, "and we've processed more than $2 billion in donations alone since we launched our first fundraising tools in 2015."

Back in 2016, Facebook's Mark Zuckerberg said that the company was not a "payments business," and that it was not intending to make a payment system. However, he called Apple Pay a "really neat innovation" and said that Facebook would be willing to partner "with everyone who does payments."

Apple Pay first launched in 2014, and was followed this year by Apple Card, which reportedly had the "most successful credit card launch ever."
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Comments

  • Reply 1 of 27
    I wouldn't trust Facebook with a penny.
    gfengstadentropysqwerty52fochermacseekerSnickersMagooStrangeDaysjahbladelostkiwisweetheart777
  • Reply 2 of 27
    Facebook's cryto-currency initiative is dead on arrival. I would not trust them with anything this important and sensitive.
    napoleon_phoneapartqwerty52macseekerSnickersMagoomrakoplaslostkiwisweetheart777applesnorangesolswatto_cobra
  • Reply 3 of 27
    entropysentropys Posts: 3,118member
    Sounds more like PayPal than Apple Pay.
    qwerty52lostkiwiwatto_cobra
  • Reply 4 of 27
    You have to be crazy to use it!!!
    focherDoomFreakmacseekermrakoplaslostkiwisweetheart777dysamoriaolsCarnagewatto_cobra
  • Reply 5 of 27
    focherfocher Posts: 685member
    It’s from Facebook? `Nuf said. 
    DoomFreakmacseekerSnickersMagoolostkiwisweetheart777dysamoriaolswatto_cobra
  • Reply 6 of 27
    Facebook payments have been around for years. All they did was rebrand it. 

    The current users will stay and no one will join. 
    sweetheart777watto_cobra
  • Reply 7 of 27
    This will save me time to give FB all access to everything I have, rather than having them have to hack their own programs to get the data.
    cornchipwatto_cobra
  • Reply 8 of 27
    FolioFolio Posts: 698member
    Another article on this explicitly said FB will use purchasing data to sell more targeted ads. It may be too much for users, and consequently boost use of ApplePay...Also think recent AppleCard controversy with spouses, and prompt response, will result in second binge of new applicants
    JaiOh81watto_cobra
  • Reply 9 of 27
    eightzeroeightzero Posts: 2,633member
    Nope.
    JinTechsweetheart777cornchipdysamoriaolswatto_cobra
  • Reply 10 of 27
    Lesse, who do I trust less than Google? Yeah, FaceBurn. 
    sweetheart777dysamoriaolswatto_cobra
  • Reply 11 of 27
    gatorguygatorguy Posts: 23,181member
    So it's like Apple Pay except it's not. No tap and pay in a store, and it can't even be used outside of a Facebook app.  Not seeing how this is competing for "mobile payment supremacy". More like might/maybe let Facebook take a tiny piece of the transaction too via their ad platform and purchasing redirects. 
    dysamoria
  • Reply 12 of 27
    Sure, I want to give Facebook all my financial info and transaction history so they can sell it, wink wink.  Not a chance!  Where do I sign up my enemies?  
    dysamoriaolswatto_cobra
  • Reply 13 of 27
    It’s like watching an approaching train wreck, but in slow motion. 
    dysamoriawatto_cobra
  • Reply 14 of 27
    eightzero said:
    Nope.
    My EXACT thoughts haha
    watto_cobra
  • Reply 15 of 27
    DAalsethDAalseth Posts: 1,734member
    Users first give Facebook their credit or debit card details, or PayPal information
    Just how stupid would someone have to be to give their confidential financial information to a company legendary, for stealing data, mining data, mishandling data, losing data, leaking data, and so on.
    qwerty52applesnorangesdysamoriawhiteapplewatto_cobra
  • Reply 16 of 27
    cornchipcornchip Posts: 1,857member
    DAalseth said:
    Users first give Facebook their credit or debit card details, or PayPal information
    Just how stupid would someone have to be to give their confidential financial information to a company legendary, for stealing data, mining data, mishandling data, losing data, leaking data, and so on.

    iMaK said:
    Facebook payments have been around for years. All they did was rebrand it. 

    The current users will stay and no one will join. 


    apparently some people...


    watto_cobra
  • Reply 17 of 27
    Uh huh, riiiight....

    I’ll be ignoring this Facebook “service” as if I’d never even heard of it.
    watto_cobra
  • Reply 18 of 27
    sflocalsflocal Posts: 5,740member
    Anyone that provides that kind of financial data to Facebook forever relinquishes any right to complain about Facebook.

    No way in hell would FB ever get their claws on that kind of info from me.
    watto_cobra
  • Reply 19 of 27
    "Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected," Notice how Facebook didn't even say that your payment information will be private and will not be monetized? Yeah.
    watto_cobra
  • Reply 20 of 27
    Really. Not.
    watto_cobra
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