Facebook’s payment system will be expanded to include online retailers in August

In August of this year, Facebook’s payment system will be expanded to include online retailers. According to The Verge, online shoppers will eventually see a new payment option alongside traditional methods of payment, as Facebook Pay expands beyond the company’s own platforms.
Not long after credit card companies withdrew from Facebook’s Libra cryptocurrency project, the social media giant launched its own payments system for use across the main site, WhatsApp, and Instagram.

Facebook Pay is now available for use in transactions with participating retailers, similar to Google’s stored cards, PayPal integrations, and Amazon Pay. Shopify merchants will be the first to implement the system on their sites, with others following suit after the system launches in August.

Of course, this isn’t just an easier way for retailers to accept payments using cards already stored in customers’ Facebook profiles; it’s also a way for Facebook to collect even more data.

The announcement links to this Facebook Pay privacy page, which states plainly:

  1. As with previous payment methods in our apps, when you use Facebook Pay to make a purchase, we will collect information about the transaction, including the payment method, transaction date, billing, shipping, and contact information. Facebook Pay is designed to securely store and encrypt your credit card and bank account numbers.
  2. As with our other products, the actions you take with Facebook Pay may be used to personalise content and advertisements, provide customer support, and promote safety and integrity.

Your credit card and bank account information will not be used to personalise your experience or to inform the advertisements you see.

(Only the headline, some content and picture of this report may have been reworked by the Mixpoint Team; the rest of the content is auto-generated from a syndicated feed. The meaning of the content has not been altered in any way.)

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