Fintech has become ubiquitous in big tech as users benefit from the convenience of not having to dig for a wallet or hit an ATM for cash as well as other services. It is commonplace for people to whip out their iPhones and pay at the grocery store as cash declines in usage and tech takes over.
Facebook has long coveted expanding its reach in the financial services sector. While its most significant push to date, Libra was kind of a flop – and now renamed Diem, Facebook’s interest in facilitating payments and transfers remains.
Earlier this week, the Apple aficionados at Macrumors shared that Facebook is in the process of expanding its Facebook Pay service to include QR codes. Like other digital payment services, Facebook Pay allows a user to connect Facebook/Telegram/Messenger etc. with PayPal or a credit card to seamlessly make digital payments. While Facebook says it does not make any money from users using Facebook Pay like just about all other actions on Facebook, the data generated can be used for purposes such as to deliver you more relevant content and ads.
According to Macrumors, the QR code process will display a scan button that allows users to scan the code to transfer the money. Facebook Pay is also said to be including payment links to simplify the transfer process.
Facebook pretty much needs to include these services in their products or cede them to another platform. For heavy Facebook users, it may be beneficial. It may also provide an easier path for Diem if it ever executives on its global currency mission.