Looks that way.
This is potentially huge for small businesses that use Instagram for promotions of their products (I know I follow several boutique accounts promoting everything from pens to knives to stationary)…
Instagram just stealthily added a native payments feature to its app for some users. It lets you register a debit or credit card as part of a profile, set up a security pin, then start buying things without ever leaving Instagram. Not having to leave for a separate website and enter payment information any time you want to purchase something could make Instagram a much bigger player in commerce.
Instagram quietly launches payments for commerce | TechCrunch
— Read on techcrunch.com/2018/05/03/instagram-payments/