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The system will allow users to transfer money via Facebook Messenger and make in app purchases across Facebook’s portfolio of online services
US social media giant, Facebook, has launched its Facebook Pay system, which will allow users to make payments and transfers across Facebook, Messenger, Instagram and Whatsapp.
Facebook Pay will streamline the billing process for users across Facebook’s portfolio, allowing users to transfer money between each other and make in app purchases.
Facebook said that Facebook Pay would help the company boost security around online payments.
"With Facebook Pay, we’re continuing to invest in security. We designed Facebook Pay to securely store and encrypt card and bank account numbers, perform anti-fraud monitoring on our systems to detect unauthorised activity and provide notifications for account activity," a Facebook spokesman said in a statement.
"[Users] can also add a PIN or use device biometrics, such as touch or face ID recognition, for an extra layer of security when sending money or making a payment. Facebook does not receive or store a device’s biometric information," the spokesperson added.
The service will initially launch on Facebook and Facebook Messenger in the US this week, with the system being scaled out to Watsapp and Instagram, as well as international markets, in the next few months.
