Facebook Pay is a new payment service that will let users send and receive money across the Facebook family of apps— Facebook, Messenger, Instagram, and WhatsApp.
Facebook Pay must be setup for each app individually, so signing up for Facebook Pay on Instagram wont automatically setup Facebook pay for WhatsApp too.
Facebook Pay arrives as Facebook works to approve a new digital cryptocurrency called Libra, but the company says Facebook Pay is separate project.
Facebook launched a new payment service on Tuesday that will let users of its family of apps — including Instagram, WhatsApp and Messenger — send and receive money and make purchases, a move that lets Facebook match popular features offered by competitors while its more ambitious Libra digital payments system is mired in scrutiny.
The Facebook Pay service is similar to Venmo, Google Wallet and Apple Pay, allowing users to transfer money directly from their bank account or credit cards.
Facebook Messenger already had a service called Payments that let people send money from their bank accounts, but it didn't support major credit cards.