People already use payments on facebook to shop, donate to causes and send money to each other. Facebook Pay makes these transactions easier while continuing to ensure that a user’s payment information is secure and protected.
Features of Facebook Pay:
After adding a payment method you can use Facebook Pay wherever it is available to make payments and purchases on apps, instead of having to re-enter your payment information each time.
Also, Facebook won’t automatically set up Facebook Pay across the apps you are active on, unless you choose to do so.
You get to view payment history, manage payment methods and update your settings all in one place.
Some of the other great features you get is the real-time customer support via live chat which is currently available in the US (and will be in more places around the world in the future).
How It Works
You can easily start using Facebook Pay on Facebook or on the Messenger within just few steps.
You have to go to “Settings” then “Facebook Pay” on the Facebook app or website and then add a payment method.
Once it is available on WhatsApp and Instagram, users will be able to set it up directly within each app.
Well the payment app from Facebook also supports most of the major credit and debit cards as well as other payment methods such as PayPal. They are in the process to get in partnership with companies like PayPal, Stripe and others from around the world. It is built on existing financial infrastructure and partnerships, which separates it from the other wallets like Calibra which run on the Libra network.
Security and Protection for Payments
Facebook had offered trusted payment experiences since 2007, and they’ve successfully processed more than $2 billion in donations since the date it was launched in 2015.
After the success of Facebook Pay, Facebook is continuing to invest in security. The payment app was designed from Facebook to securely store and encrypt card and bank account numbers, and perform anti-fraud monitoring on their systems to detect unauthorized activity and provide notifications for that particular account activity. One can add PIN or use device’s biometrics, such as a touch or face ID recognition, for extra security on making a payment.
Facebook is working on Facebook Pay as part of their ongoing work to make commerce more convenient, accessible and secure for people. There chances of many such advancements from Facebook in future.
Facebook Pay Security measures:
Although we say it is easy to follow the steps and use Facebook Payments but is it safe to send money through Facebook?
Just like any other company that provides such services in finance sector Facebook also employs several safeguards to protect their users’ money and financial information when their users send funds through their services. Since we already know that anything that is online, has a small chance that your safety may become compromised.
It doesn’t affect whether you want to send money or simply browse and socialize, the connection is encrypted by Facebook. The site also uses an additional layer of encryption for financial information submitted through the send money app. One another such option specific to iPhone and iPad users is the Touch or Face ID. With all of these security options, the device which you use analyzes your fingerprint or facial features and then ensuring whether you are authorized to send money.
These days Cybercriminals and hackers can be ingenious, which has also led to numerous online security breaches at big companies. There’s no doubt that Facebook employs some of the brightest minds in cybersecurity to keep its users safe. However, despite of all that, a recent security breach had exposed personal information of an estimated 50 million users which raised doubts about Facebook’s ability to protect its customers’ data.
So, what do they do?
Facebook allows their users to send and receive money through the Messenger app, for zero charges.
Its software plays as a financial middleman between the sender and the receiver. They are also all set up to provide security and protection for their users from hackers.
How Sending Money on Facebook Works
To send money through Facebook Pay, a user must open a Messenger conversation with a friend and click the dollar sign icon. Further from there, the user enters the debit card details or PayPal information, which can be stored in the app for future use. After that, the user inputs the amount that they want to send and submit it. All this happens because Facebook’s software facilitates the money transfer, acting as a middleman between the user’s bank and another bank for the payment. According to Facebook data, 1.3 billion number of people use Messenger monthly.
Facebook’s Security Measures
Although, Facebook maintains a reputation for having a very good security and privacy infrastructure, with a sensitive service like this, however, many users still doubt its security features’ need to be further developed.
On messenger to fund payments, you must have a debit card issued from bank, a credit card, or a gift card Facebook.
Risks of Sending Money Online
Because this is the Internet, no information is ever 100% safe, regardless of the security measures in place. Several large-scale hacking incidents have made some consumers wary of making financial transactions using their phone’s apps.
Hackers infamously compromised the email server of Sony Pictures ahead of the release of The Interview, a comedy movie in which characters plot to assassinate dictator Kim Jong-un. The studio was in shock by the incident, and due to the accompanying threats, they decided to delay the movie’s release.
To conclude, even if such high-profile incidents understandably make Internet users nervous, the fact remains that the biggest security threat to an individual’s information online comes from failing to secure your personal devices, not from remote hackers. Password-protecting your computer and mobile devices helps prevent unauthorized users from accessing them and wreaking havoc. Installing a robust antivirus or anti-malware program enables you to detect threats such as keystroke loggers, which record the keystrokes you make to a log file that gets sent to an unauthorized third party.
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