PayPal PYPL shares were trading lower Tuesday after Facebook FB announced it has introduced a payments feature: Facebook Pay.
The company announced in a blog post that Facebook Pay will be introduced on Facebook and Messenger this week in the U.S. for fundraisers, in-game purchases, event tickets and person-to-person payments on Messenger.
Facebook will then introduce Facebook Pay to more people and places, including for use across Instagram and WhatsApp, the company said.
What is Facebook Pay?
Facebook Pay gives people a payment option across Facebook, Messenger, Instagram and WhatsApp and aims to make transactions seamless.
With Facebook Pay, users can add a preferred payment method once then use Facebook Pay where available to make payments and purchases on the company's apps, instead of having to re-enter payment information each time. Users can view payment history, manage payment methods and update settings in one place.
Paypal and Facebook previously partnered to allow users to make payments PayPal.
Price Action
PayPal shares were down 0.84% at $101.81 at the time of publication. The stock has a 52-week range between $121.48.66 and $75.47.
Facebook shares were up 2.47% at $194.30. The stock has a 52-week range between $208.66 and $123.02.
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Photo courtesy of Facebook.
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