PayPal (NASDAQ:PYPL) shares were trading lower Tuesday after Facebook (NASDAQ: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.
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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.
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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.