Facebook Pay Takes On PayPal In Payment Wars
Facebook are expanding its Facebook Pay services, currently only used on its own websites, to compete with PayPal, Amazon Pay and others.
From August, participating retailers, of which we imagine there will be quite a few, will be available to offer Facebook’s own encrypted payment services. Shopify has already signed up to the service.
As for privacy concerns, Facebook promises to securely store and encrypt your card and bank account numbers, but admits:
“As with our other products, the actions you take with Facebook Pay can be used for purposes such as to deliver you more relevant content and ads, to provide customer support and to promote safety and integrity (e.g., to investigate violations of our payments policies).
The company explains that “if you buy a baseball glove on Facebook Marketplace, you might see an ad for a baseball bat.”