Upping the Game- Facebookpay

Social media has changed the digital age. Everyone wants to create their own identity. Social media has launched careers that weren’t known to people. With YouTubers and influencers on the run did we forget the groundbreaking U.S Based social media platform Facebook, which opened the gates of social media to everyone? Facebook is upping Its game to catch up with the millennials has come up with its own brand new payment tool.

Payment tool? Yes, you heard it right! you can make transactions to anyone around the globe through Facebook and Messenger, called Facebook pay,

Does this mean you have to download the new Facebook pay app?

Or will Facebook force you to download this app as they did for messenger?

Absolutely not! With Facebook banking is as easy as playing with stickers! I know you are wondering how is that possible. Let me make it easy for you to understand

WHAT IS FACEBOOK PAY?

It’s a new feature that allows you to transfer money through  Facebook.

Facebook added a new icon ‘$’ i.e., a dollar sign beside the stickers that enables you to send money to anyone through their app. You just have to enter your bank details one time and your transactions are just a click away

TOO LATE OR REVOLUTIONARY?

E-commerce is the new way to go! As technology is growing faster all the banks around the world managed to come up with their websites and third-party apps like Google pay, PayPal, venom, square and many more. These apps are very consumer-friendly and allow people to make transactions on a daily basis.

So, what makes facebook pay different from others?

Well, Facebook doesn’t require extra space or extra downloading of new apps. Therefore, no signing of new contracts, no new log in and passwords to remember which makes it extra friendly for the regular Facebook users on a daily basis. Will this easy access change the game of e-commerce for the third party apps? Only time will tell if the new move by facebook is just late or revolutionary. 

HOW TO ACCESS THE NEW FEATURE?

It’s as simple as walking into a candy store and buying candy. Just add your bank details as in the debit/ credit card details i.e., debit number,  your name, set up one password to access it and you are good to go!

Open the chatbox of the person you want to send money to, find the $ icon, tap on it, enter the amount and send hit, money is transferred to that person’s bank account within in few minutes.

Facebook allows you to check the history of your transactions through the app, you can find the option that says ‘transactions’ and easily access the history of the payments, receipts, bank account balance.

Facebook also provides 24/7 customer support for any requires.

COLLABORATION

Facebook is collaborating with PayPal and venom for cybersecurity that allows extra security so that facebook IDs or the bank details aren’t hacked easily.  Bank details that you enter on facebook give you access to make transactions on Instagram, Whatsapp and Facebook, messenger. Therefore if you wish to buy tickets for plays, events, activities of your interest on any one of these three or all the three platforms, you can tap on the facebook pay option and pay the following with 0.26% transaction fee just with a tap. This pilot project is available in the U.S  right now but Facebook promises to make it global soon. Will the payment option in facebook make lives easier or make us pay for the pleasures and erupt us from saving money?

Look forward to the unprecedented change it will bring in our lives.

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