Facebook News: Amid Anti-Trust Concerns, Social Media Giants Consolidates Payments Under New Banner

Facebook (FB) has decided to consolidate its various payments to a single platform, Facebook Pay, that will reach across Facebook, Messenger, Instagram and WhatsApp, the company announced Tuesday, in the latest step to integrate its services and make it easier to move between apps.

Facebook Pay will allow users who decide to set up the app to add a preferred payment method with which to make purchases and payments on the apps instead of having to re-enter payment information each time a transaction is initiated.

Users will be able to view payment history, get real-time customer support and update settings in one place.

“Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected,” Deborah Liu, Facebook vice president of marketplace & commerce, said in a blog post. The system will encrypt credit card and bank account numbers. The system also will be monitored for fraud. As an extra layer of security, users can add PINs or use the biometrics available on their phones.

The service, which will support most major credit and debit cards and work with companies like PayPal and Stripe, will start rolling out this week on Facebook and Messenger in the initial phase. Later it will be expanded to Instagram and WhatsApp.

Facebook said it has processed more than $2 billion in donations since it launched its first fundraising tools in 2015.

The move comes as Facebook is facing scrutiny from regulatory agencies and critics who say the company should be broken up. Unified branding and integration of its messaging apps could forestall a breakup move.

Facebook Pay is to be separate from the company’s Calibra digital wallet that will work with Libra, the cryptocurrency Facebook hopes to launch. Libra has run into criticism from regulatory agencies and has been abandoned by a number of companies that initially considered participating.

Facebook shares were up 2.56% Tuesday.