• Facebook (NASDAQ:FB) says Pay offers "a convenient, secure and consistent payment" method across its platforms, including Messenger, Instagram, and WhatsApp.
• Users add their preferred payment method once and have to opt-in to each platform in order to use Pay there.
• Facebook Pay will start rolling out to Facebook and Messenger this week in the United States. Use across Instagram and WhatsApp will follow at a later date.
• Facebook shares are up 2.4%. Rival PayPal (NASDAQYPL) is down 0.6% and Square (NYSE:SQ) drops 1.6%.
KEY POINTS
Facebook listed an advertiser boycott as a potential factor impacting its third-quarter outlook.
The company said its year-over-year ad revenue growth rate in the first three weeks of July was approximately in-line with its second-quarter 2020 year-over-year ad revenue growth rate of 10%. It added it expects its full-quarter year-over-year ad revenue growth rate in the third quarter of 2020 will be "roughly similar to this July performance."
Wedbush analysts in a research note this week said it expected "minimal financial impact from brand boycotts."