Facebook's payment system will extend to online retailers in August

Washington: Facebook's payment system is all set to extend to online retailers in August this year. As per The Verge, online shoppers will eventually see another option listed next to the usual payment methods, now that Facebook Pay will expand beyond the company's own platforms.

Not long after credit card companies dropped out of its Libra cryptocurrency project, Facebook launched its payments system for use across the main site, as well as WhatsApp and Instagram.

Now, just like Google's stored cards, PayPal integrations, Amazon Pay, and others, Facebook Pay is opening itself up for use in transactions with participating retailers. Shopify merchants are first in line to add the system on their sites, with others to follow after it launches in August.

Of course, this isn't just an easier way for retailers to get paid with cards customers have already stored in their Facebook profiles, it's also a way to get even more data into Facebook.

The announcement points to this privacy page for Facebook Pay, which clearly states:
1. As with previous payment options on our apps, when you make payments with Facebook Pay, we'll collect information about the purchase such as the payment method, transaction date, billing, shipping and contact details. We designed Facebook Pay to securely store and encrypt your card and bank account numbers.

2. As with our other products, the actions you take with Facebook Pay can be used for purposes such as to deliver you more relevant content and ads, to provide customer support and to promote safety and integrity.

The card and bank account numbers you provide will not be used to personalize your experience or inform the ads you see.