Facebook Pay, Facebook’s payment feature, will allow users to make payments between users using QR codes, and users will be able to transfer money by scanning their friends or family members’ payment codes, according to a recent report by Financial Financial News Agency.
The QR code feature, which is similar to Venmo’s QR code and other features, will allow users to use their smartphone’s camera to scan a friend’s code to send or request money, while the shareable payment link will let you publish your payment address outside of Facebook itself.
In addition, Facebook Pay has introduced personalized payment links that automatically direct you to a secure site to transfer money to a specific account.
The message shows that this feature is currently being tested in the United States, but has not been officially launched.
Facebook Pay is Facebook’s payment ecosystem that competes directly with PayPal, Google Wallet, Apple Pay and others..
Facebook Pay is Facebook’s mobile payment service. Launched in 2019, Facebook Pay already supports payments between users through Messenger and the Facebook app. Clearly, the global social media giant wants to expand its payment options even further.
Facebook Pay expands the payment chain
As an Internet social networking giant with an estimated value of more than $870 billion,Facebook has a huge traffic and over 2.7 billion monthly active users (as of September 30, 2020, the number of monthly active users reached 2.74 billion), but its business model is relatively simple and the space for diversified business layout is limited. Facebook, which knows that traffic is king, has its own financial dream, and payments are an important part of it.
Late last year, news broke that Facebook had recently created a new team to boost payments. The team will be responsible for running all of Facebook’s payments programs, including Facebook Pay, a universal payment feature that Facebook has been planning to build into all of its apps.
As a global social giant with more than 3 billion active users, Facebook Pay is to be expected, combined with the easy-to-use and cost-effective technology of the QR code.