Facebook to consolidate payments tools across apps with Facebook Pay

Facebook Inc said on Tuesday it was launching Facebook Pay, a service that will help consolidate payments tools across its social media platforms including Whatsapp and Instagram.

The company said the service allows users to send money or making a payment, while giving them an option to add a PIN or use biometrics on their smartphones including touch or face ID for security.

Facebook said the service will collect user information such as payment method, date, billing and contact details when a transaction is made and that it would use the data to show targeted advertisements to users.

Facebook Pay will begin rolling out on Facebook and Messenger this week in the United States, the social media giant in a blog post.