With digital payments picking up pace across the globe, social media giant Facebook is extending its payment services to online retailers. Shopify has become the first e-commerce platform to sign up for Facebook Pay. This will allow Shopify merchants to offer Facebook Pay as a payment option during checkout, eliminating the need to re-enter payment information for every transaction. Prior to this, Facebook Pay, which was launched in 2019, was available for its main platform, as well as WhatsApp and Instagram. The feature will be expanded across more platforms in the US starting this August. The development comes not long after Facebook’s Libra cryptocurrency project went belly up. Moreover, the global digital payments scene heating up with the likes of
Topics:
Fintechnews Switzerland considers the following as important: 6c.) Fintechnews, Facebook, Facebook Payments, Featured, newsletter, payments, Shopify, USA
This could be interesting, too:
Nachrichten Ticker - www.finanzen.ch writes Krypto-Ausblick 2025: Stehen Bitcoin, Ethereum & Co. vor einem Boom oder Einbruch?
Connor O'Keeffe writes The Establishment’s “Principles” Are Fake
Per Bylund writes Bitcoiners’ Guide to Austrian Economics
Ron Paul writes What Are We Doing in Syria?
With digital payments picking up pace across the globe, social media giant Facebook is extending its payment services to online retailers.
Shopify has become the first e-commerce platform to sign up for Facebook Pay. This will allow Shopify merchants to offer Facebook Pay as a payment option during checkout, eliminating the need to re-enter payment information for every transaction.
Prior to this, Facebook Pay, which was launched in 2019, was available for its main platform, as well as WhatsApp and Instagram.
The feature will be expanded across more platforms in the US starting this August.
The development comes not long after Facebook’s Libra cryptocurrency project went belly up.
Moreover, the global digital payments scene heating up with the likes of Google, Apple and PayPal throwing their hat in the ring.
It comes as no surprise that Facebook is looking to leverage its huge customer base to establish itself as a major digital payments player.
Moreover, a report by The Verge points out that this may be another tactic by the controversy-laced firm to collect more customer data.
According to its privacy policy, Facebook Pay will collect purchase information including payment method, transaction date, billing, shipping and contact details.
Moreover, Facebook Pay stores card and bank account numbers in an encrypted format, its privacy policy notes. Additionally, Facebook Pay will also use this information to deliver targeted content and ads.
In 2019, Facebook was slammed by US regulators with a record fine for data privacy violations.
Earlier this year, Facebook-owned WhatsApp’s new privacy policies landed the instant messaging platform amidst a heated controversy.
You Might Also Like
SNB Sight Deposits: Inflation is there, CHF must Rise
2021-07-19
Sight Deposits have risen by +0.2 bn CHF, this means that the SNB is intervening and buying Euros and Dollars.
Visa Customers Spent More Than US$1 Billion on Crypto-Linked Cards in 2021
2021-07-09
Visa revealed that its customers had spent more than US$1 billion on its crypto-linked cards in the first half of 2021. The payments giant reported that it had partnered with 50 leading crypto platforms on card programmes that make it easy to convert and spend digital currency at 70 million merchants worldwide.
AntChain Inks Deal With UEFA EURO to Be Its Official Global Blockchain Partner
2021-06-11
UEFA and AntChain, the blockchain business of Ant Group, announced a five-year global partnership around blockchain technologies and to jointly explore how blockchain technology can be used to further the digital transformation of football industry and improve the experiences of fans around the world.
Swissquote Adds 9 Additional Cryptocurrencies for Retail Trading
2021-04-22
Swiss banking group Swissquote announced that it is expanding its cryptocurrency offering with nine additional ones.
Societe Generale Issues Structured Products as Security Token on Public Blockchain
2021-04-20
Societe Generale announced that it has issued its first structured product as a security token directly registered on the Tezos’ blockchain network.
Delta Exchange Closes US$5 Million Raise From Blockchain Valley Ventures Among Others
2021-04-09
Delta Exchange, a UK-based institutional-grade crypto derivatives exchange, announced that it has closed a US$ 5 million token raise from existing and new investors where Swiss venture firm Blockchain Valley Ventures (BVV) backed and advised the former on their token raise.
Austrian Crypto Broker Bitpanda Secures Unicorn Status With $170 Million Funding
2021-03-17
Bitpanda, an Austrian digital investment platform dealing with cryptocurrency, announced that it has closed it Series B funding round with an investment of $170 million and attained unicorn status with a valuation of $1.2 billion.
The funding round was led by Valar Ventures with participation from partners of DST Global. Bitpanda had also previously secured $52 million during its Series A from Valar Ventures.
The Series B was signed last week and is currently in the necessary approval process of the Austrian Financial Market Authority (FMA).
Bitpanda said in a blog post that it would be using the new funding to expand its team which currently has 350 staff members to around 600.
The company has already expanded into France, Spain, Turkey, Italy and Poland in 2020 and will enter additional
Tags: Facebook,Facebook Payments,Featured,newsletter,payments,Shopify,USA