Facebook Pay launches in Russia for online banking transactions

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In April 2020 Facebook Pay was launched in the U.S. and today, after almost four months, it has been launched in Russia. When every sort of monetary transactions is being enabled through technology, there is no reason why a tech giant like Facebook should lag behind. Therefore it is on its quest of redefining its features in every continent.

Facebook users are already aware of the feature called Marketplace. A wide range of products and assets are up on sale in this window. This provides easy access for both the buyers and sellers. So when Facebook is already set with its customer base, it has a good opportunity of introducing the feature of money transfer or online banking.

The users must know certain things before grooving into the idea of using the new feature. Facebook will not add the feature on its own. So the users must not wait for it after any app update. There is a specific way in which you get set with the feature. Here the simple steps that you need to follow.

  1. Begin with Facebook website or app
  2. Go to Settings
  3. Select the option ‘Facebook Pay’
  4. Finally, you need to select a method of payment

Facebook Pay is compatible with other payment platforms like PayPal and Stripe. The users can set their own bio-metric codes for authentication. Facebook will not post about the transactions in the users’ Facebook wall until they themselves want to do so. But importantly, Facebook has clarified that it does not store or receive the bio-metrics.

Facebook Pay is not a bitcoin-based Calibra wallet. So users must not confuse Facebook Pay with Libra Network.

This feature will be available in other platforms of Facebook like WhatsApp,Instagram and Messenger. But here as well the users have to manually begin the procedure of initiation.

Using this feature some remarkable transactions like fundraisers can also be conducted. Interestingly you can buy tickets of event or even purchase games. And when you are connected with people on Messenger, you can transfer money directly to them.

During the global pandemic, technology is the only way to serve the touch-free monetary transactions. With the ongoing tussle about a breach of information, every country is trying to secure its data on the political grounds after the risk of imposition of executive orders regarding various apps. Therefore it is natural that Russia will also strengthen its grounds too. The launch of Facebook Pay in Russia is just another step for both Facebook and Russia to secure its ties with its users and citizens respectively.

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