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Facebook’s payments system to expand to online retailers in August, Marketing & Advertising News, AND BrandEquity

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Facebook’s payment system is set to expand to online retailers in August of this year.

According to The Verge, online shoppers will eventually see another option listed alongside regular payment methods, now that Facebook Pay will expand beyond the company’s own platforms.

Shortly after the credit card companies scrapped its Libra cryptocurrency project, Facebook launched its payment system for use on the main site, as well as WhatsApp and Instagram.

Now, just like Google’s stored cards, PayPal integrations, Amazon Pay, and more, Facebook Pay is opening up for use in transactions with participating retailers. Shopify merchants are the first to add the system to their sites, with the rest to follow after it launches in August.

Of course, it’s not only an easier way for retailers to get paid with cards that customers have already stored in their Facebook profiles, it’s also a way to get even more data into Facebook.

The ad points to this privacy page for Facebook Pay, which clearly states:

1. As with previous payment options on our apps, when you make payments with Facebook Pay, we collect purchase information such as payment method, transaction date, billing, shipping and coordinates. We designed Facebook Pay to securely store and encrypt your card and bank account numbers.

2. As with our other products, the actions you take with Facebook Pay may be used for purposes such as providing you with more relevant content and advertising, providing customer support, and promoting security and integrity.

The card and bank account numbers you provide will not be used to personalize your experience or inform the advertisements you see.

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