Facebook is a social media hub that allows users to communicate. The platform operates worldwide, and since its launching in 2004, it has made the world a global village. Even though Facebook changed the company name to Meta, it still retains its name; Facebook. The company has Facebook Pay which helps you to send and receive money. You will learn how to send money through Facebook later on.
Facebook Pay is a mobile wallet like Cash App, PayPal, Payoneer, and Venmo. It operates online, and you should have an internet-enabled device to open the account. That includes smartphones, tablets, or computers. The platform helps you pay for services such as promoting pages and goods at the Facebook marketplace. The payment service does not cover the whole world, but it is growing so fast that there is a possibility that it will become a worldwide payment company just like PayPal.
Facebook (Meta) owns several companies, including Facebook itself, WhatsApp, Messenger, Oculus, Giphy, Mapillary, Instagram, Facebook Watch, and Facebook Portal. It started as just Facebook but acquired the other companies later on. Mark Zuckerberg, the company’s CEO since Facebook’s launch, is an enthusiastic person determined to take the company to greater heights. As we talk, we have the Facebook coin, a cryptocurrency expected to rock the world of cryptos in the coming years.
How to register a Facebook Pay account?
You can start using Facebook Pay on Facebook or Facebook Messenger with just a few taps as follows.
- Access your Facebook account on app or website
- Go to “Settings”
- Select “Facebook Pay”
- Add a payment method, and you are good to go.
You can start using your account, and every time you want to make a payment, you can use Facebook Pay. The service is also set to appear on WhatsApp and Instagram, and users will also be able to make payments on the platforms.
How does Facebook Pay Work?
During the opening of your account, you have to add a payment method that will be assisting you in funding your transactions. The platform supports credit and debit cards from major financial companies. You can also use your PayPal account to fund your transactions.
You have to add your payment card or PayPal to your account to send or receive money. Facebook does not accept gift cards as payment methods since they are not as secure as credit and debit cards.
However, you can avail money in a gift card for use in the platform by transferring it to a bank in the most convenient way possible. For example, you can transfer an Amazon gift card balance to a bank account that links to a particular debit card and use it with Facebook Pay. One way to transfer a gift card balance to a bank account is by adding the card to PayPal, then transferring it to a bank account or debit card.
The operation of the service is straightforward. You can carry out various transactions on the platform, such as sending and receiving money, donating money, buying goods on the Facebook Marketplace, and paying for Facebook advertising services.
How to send money through Facebook Pay?
When sending money, you first need to open a conversation with someone you want to send money to on Messenger. As I mentioned earlier, you can carry out the process using a tablet, smartphone, or computer. Upon starting the conversation, you will see a dollar sign icon at the bottom of your screen. You need to tap the icon, and the app then prompts you to enter the amount of money you want to send and then tap the Next button.
If it is the first time you are sending money on the platform, a screen pop-up will ask you to enter your PayPal or debit card details to fund your transaction. Make sure your card is either Visa or MasterCard. You need to enter your card’s number, expiry date, validation code, and billing zip code. After that, tap the Pay button.
At this point, you have completed the transfer. The service then transfers the said amount to your recipient immediately. The amount will also be deducted from the added card immediately, and you should be able to see the deduction in the transaction history of your mobile banking app. Once you add the details, Facebook Pay will store your card information for future use. Generally looking at the platform, it is a reliable medium to transfer money from one card to another.
How to receive money on Facebook Pay?
Receiving the funds is easy when a friend sends you money on the platform. You receive a notification about the transaction just as you receive a message on messenger. If you as the recipient have added a card on the platform, the funds reflect in the card’s account, and you do not have to do anything.
If you have not added a card, you should add it to receive the funds. The notification about the money transfer comes with adding a card option to receive your payments. As soon as you provide your card details, the app completes the transaction. Later, the funds will go straight to your card account when someone sends you some.
For your information, if you use a debit card, you do not have to transfer money from your debit card to a bank account. The funds reflect automatically in the linked checking account. Although the transfer is instant, it may take longer to reflect in your card account, depending on your bank.
How much does it cost to send funds on Facebook Pay?
Sending and receiving money on the platform is free. Therefore, the company makes no money on the send and receive money feature. However, once you add your card details on the platform, you will likely purchase services and items. Facebook understands that, and that is how they make money.
Facebook has a marketplace where you can buy various products from various traders. The company gets something out of every purchase. In most cases, due to the ease of spending money on the platform, many people buy services from the company. Eventually, the company makes money indirectly.
Is Facebook Pay secure?
The service is entirely secure since Meta claims to have put a lot of security layers to protect you from potential fraud. The service has encrypted users’ cards and bank account numbers to ensure that no third parties can access your details. Also, the platform regularly performs anti-fraud monitoring practices on their systems to detect unauthorized activities and provide users with notifications for account activities.
Another way the company ensures that your funds are secure is by allowing you to use a PIN or your biometric device details such as Touch ID or Face recognition. Above all, Facebook is busy developing the payment service to make it more convenient, reliable, and accessible to everyone in the world.
Which countries support Facebook Pay?
Currently, the platform does not work in all countries. As I have mentioned, plans are underway to make the service available worldwide. For now, it operates in the following countries.
Algeria, Angola, Botswana, Egypt, Gabon, Ghana, Ivory Coast, Kenya, Mauritius, Morocco, Mozambique, Namibia, Nigeria, Seychelles, South Africa, and Tunisia.
Afghanistan, Australia, Bangladesh, Brunei, Cambodia, French Polynesia, Guam, Hong Kong, Japan, Kazakhstan, Laos, Macau, Malaysia, Maldives, Mongolia, Myanmar, Nepal, New Zealand, Pakistan, Papua New Guinea, Philippines, Singapore, Samoa, Sri Lanka, Taiwan, Thailand, and Vietnam.
Albania, Andorra, Belarus, Belgium Croatia, Cyprus, Czech Republic, Denmark, Bosnia and Herzegovina, Bulgaria, Armenia, Austria, Azerbaijan, Estonia, Georgia, Germany, Gibraltar, Greece, Finland, France, Greenland, Hungary, Iceland, Ireland, Italy, Kosovo, Latvia, Lithuania, Luxembourg, Macedonia, Malta, Moldova, Portugal, Romania, Russia, San Marino, Serbia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Turkey, Ukraine, Montenegro, Netherlands, Norway, Poland, and the United Kingdom.
iv) Latin America & The Caribbean
Anguilla, Argentina, Aruba, Bahamas, Barbados, Bermuda, Bolivia, Brazil, British Virgin Islands, Cayman Islands, Chile, Antigua, and Barbuda, Colombia, Costa Rica, Curacao, Dominican Republic, Ecuador, El Salvador, French Guiana, Guadeloupe, Guatemala, Honduras, Jamaica, Martinique, Mexico, Netherlands Antilles, Nicaragua, Panama, Paraguay, Peru, Puerto Rico, St. Martin, St. Kitts and Nevis, Trinidad and Tobago, St. Lucia, Turks and Caicos Islands, Uruguay, U.S. Virgin Islands, and Venezuela.
v) Middle East
Bahrain, Iraq, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, Israel, Jordan, Kuwait, United Arab Emirates
vi) North America
Canada, and the United States
How much can you send on Facebook?
If you are a new Facebook Pay user, you must be wondering about the minimum or the maximum amount you can send or receive on the platform. The service does not have a minimum requirement for the amount you can transfer. However, the maximum amount of money you can send per given time is $9,999.
Facebook is a social media platform from Meta, a company that owns WhatsApp, Messenger, Instagram, and others. It has a payment service called Facebook Pay, where users can send and receive money. You just need to add a payment method such as a debit or credit card, and you are good to go. The platform is secure as it uses data encryption technology and other security tools such as PIN, Touch ID, and Face recognition.