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Facebook Pay

pay.facebook.com

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Re: Facebook Pay

#241

Post by sixothree »

Dowwie wrote: post #192
LeoPanthera wrote: post #15

The small print is scary, at least compared to a service like PayPal. There's absolutely no consumer protection unless you're actually buying something from Facebook themselves, and for any kind of returns or refunds the advice given is "contact your bank". Yikes.

At least compared to PayPal?! PayPal refused to help with a fraudulent short term rental payment. Thank God that I paid through PayPal with a credit card and the credit card company helped. Horrible company.

I thought that was implied and fb pay seems even worse than paypal.

Re: Facebook Pay

#242

Post by sixothree »

user_named wrote: post #19

I guess they've reached Google-levels of product management when their payment system used across 4 products is named after only one of them. Another Hangouts in the making.

Am I the only person offended that they hijacked the word "meta"?

Re: Facebook Pay

#243

Post by toomuchtodo »

alimov wrote: post #212
toomuchtodo wrote: post #109

Earlier quoted context omitted.

US instant payments drop in 2023. Definitely sucks it took this long, but it’ll be ubiquitous and replaces ACH. https://www.frbservices.org/financial-services/fednow/about....

How will this impact things like Venmo or Apple Pay, both of which currently charge some % for instant transfer to your checking account.

Personal opinion: significantly. FedNow instant payments are a penny for up to $100k transfers, with the eventual plan to support up to $500k transfers.

Re: Facebook Pay

#244

Post by AtlasBarfed »

BbzzbB wrote: post #115
uncomputation wrote: post #17

I can’t think of another company I’d want less to know my transaction and purchase history than FB/Meta. What happened to Zuckerberg’s shift to “video” or are they truly throwing anything and everything at the wall now?

E-commerce (mostly for IG) and payments (mostly for WA, somewhat for Messenger) have been parts of the Facebook bull case for a long time. Why do people think companies of >70k people can't focus on more than one product/service? Not you in particular, just generally, I spend more time than I'd like to admit on "fin-Twit" and people expect FB has suddenly buried every plan aside of VR since they rebranded. I would sa…

"Why do people think companies of >70k people can't focus on more than one product/service?"

Because Facebook's core product is failing, and they should have all hands on deck to try to save it.

Re: Facebook Pay

#245

Post by drusepth »

CTDOCodebases wrote: post #167
sniperjzp wrote: post #122

Earlier quoted context omitted.

What if someone don't use Messenger? Venmo/Paypal are still the most popular options in my circles, largely because they are not tied to any specific platform.

It says it works across WhatsApp, Instagram and Facebook. What are the chances of someone having none of those?

Since they're all owned by a company with an extremely polarizing public opinion, I imagine the reasons someone might not use one of them would likely double as reasons not to use the others, either.

Re: Facebook Pay

#246

Post by Gigachad »

disgruntledphd2 wrote: post #197
xiphias2 wrote: post #121

Earlier quoted context omitted.

Jack Mallers (CEO of Strike) gave a presentation about the Lightning network as the open protocol for international fiat debit payments, and multiple Facebook managers were on that meeting. Now that Cashapp integrated sending money with it, Strike can be connected with US Chase bank account, the race for embracing the open protocol is on. The cool thing with USD payments over lightning network is that capital gains t…

> The cool thing with USD payments over lightning network is that capital gains tax is not triggered. This is a bug, not a feature, to the US government.

Why would capital gains be paid for a transaction?

Re: Facebook Pay

#247

Post by asd88 »

xiphias2 wrote: post #208
asd88 wrote: post #143

Earlier quoted context omitted.

What you described has been available for a long time. The old Facebook Pay (i.e. the ability to send payments to your friends via ACH) has been available in Messenger for at least 5 years (probably even longer). This new Facebook Pay seems to just add an easy way to link payment methods to your account and pay merchants on Facebook/Instagram.

Isn't ACH a US specific thing? For sending money inside a country is easy generally, international payments are much harder.

Yep, ACH is US specific, which is why Messenger Facebook Pay is only supported in the US [1]

[1] https://pay.facebook.com/availability

Re: Facebook Pay

#248

Post by bitwidget »

mysterydip wrote: post #24
LeoPanthera wrote: post #15

The small print is scary, at least compared to a service like PayPal. There's absolutely no consumer protection unless you're actually buying something from Facebook themselves, and for any kind of returns or refunds the advice given is "contact your bank". Yikes.

At least it will be easier to detect scams on marketplace now. As soon as they ask you to pay with facebucks, you know you're going to lose your cash!

No post body was provided.

Re: Facebook Pay

#249

Post by wmedrano »

AtlasBarfed wrote: post #244
BbzzbB wrote: post #115

Earlier quoted context omitted.

E-commerce (mostly for IG) and payments (mostly for WA, somewhat for Messenger) have been parts of the Facebook bull case for a long time. Why do people think companies of >70k people can't focus on more than one product/service? Not you in particular, just generally, I spend more time than I'd like to admit on "fin-Twit" and people expect FB has suddenly buried every plan aside of VR since they rebranded. I would sa…

"Why do people think companies of >70k people can't focus on more than one product/service?" Because Facebook's core product is failing, and they should have all hands on deck to try to save it.

That's exactly it though. You can't expect core Facebook to stop failing by throwing 70k employees at the problem.

Re: Facebook Pay

#250

Post by evad3r »

alimov wrote: post #212
toomuchtodo wrote: post #109

Earlier quoted context omitted.

US instant payments drop in 2023. Definitely sucks it took this long, but it’ll be ubiquitous and replaces ACH. https://www.frbservices.org/financial-services/fednow/about....

How will this impact things like Venmo or Apple Pay, both of which currently charge some % for instant transfer to your checking account.

I don't see how it would impact Apple Pay, for example. In Australia, we have instant payments already, and Apple/Google/Samsung Pay is used alongside it - completely separate.
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