Mark Zuckerberg is planning to introduce new strategies for mobile payments with Facebook Pay. There are around 2.5 billion Facebook users worldwide, and this move will give them a user-friendly and straightforward way to pay. It was announced that Facebook Messenger developer, David Marcus, will continue to lead the development of this project.
The Facebook CEO has recently stated that he aims to become the best among giants such as Amazon, Google, and Apple in terms of innovation:
“At Facebook, we compete hard because we’re up against other smart and innovative companies that are determined to win,” he says, according to the transcript. “We know that our future success is not guaranteed, especially in a global tech industry defined by rapid innovation. The history of technology is often the history of failure, and even industry-leading tech companies fail if they don’t stay competitive.”
The next innovative step is with Facebook Pay. But what is it exactly?
Facebook Pay is a secure way to make payments on Facebook, Instagram, Messenger, and WhatsApp. All you need to do is enter your payment details or account information one time to begin making purchases, sending money or making donations successfully. What’s great is that you can also link your PayPal account to it, which is extremely useful.
PayPal is a popular payment choice that is accepted in many different industries. PayPal is prevalent is in the fashion industry when purchasing online. ASOS, Boohoo, Superdry, GAP, Joules, the list goes on. PayPal is available at hundreds of online fashion and retail outlets. One main benefit to this is that any transactions show up simply as PayPal on your bank statement. A lot of people like to keep transactions private, and this is an excellent way of doing that. The iGaming industry is another example where you can use it as a method to place bets and enjoy bonuses. There are many PayPal betting sites worth checking out, such as Paddy Power and NetBet. Not only are they convenient, but there are no fees involved when it comes to depositing from and withdrawing to your PayPal account.
At the time of writing, Facebook Pay is currently only available in the UK, but it’s expected to be rolled out to other countries in the not too distant future. For added security, PIN or biometrics can be added to Facebook Pay to secure individual payments, which is welcome news for those who are security conscious.
In terms of comparing it to the competition, why should you switch to Mark Zuckerberg’s new idea? Let’s look at the obvious competitor in PayPal. They’re very different at the moment in terms of functionality, but that could change rapidly if Facebook Pay rises quickly in popularity. PayPal currently works in more stores, it works in more countries, and it doesn’t require you to have a Facebook account in order to use it. In comparison, Facebook Pay is arguably easier to set up, and there are no fees involved.
Facebook Pay is great for sending money to family and friends as you only need to link up a debit card or PayPal. But it is still mainly a peer-to-peer payment platform. You can’t purchase much with it yet. This is where it’s different from other payment platforms such as PayPal or Apple Pay.
Once Facebook Pay becomes available to use with both Instagram and WhatsApp, you won’t need to have a Facebook account to use it. Until then, you must sign up to the social media platform to get Facebook Pay.
With Amazon releasing new cloud gaming service Luna and recently unveiling flying security drones to Apple launching a flagship iPhone, Facebook needs to stay constantly innovative to keep up these huge corporations. It remains to be seen if Facebook Pay will help with that, but it looks like it could be a good step in the right direction.