Facebook Pay comes just weeks after payment companies leave Libra.
What is Facebook Pay?
Facebook Pay is a payment method of Facebook integrated into Facebook, Messenger, Instagram, WhatsApp ….and it seems to be a replacement for payment companies such as Visa, Paypay, Mastercard… that have left the Association. Libra.
Currently this method only works in the US. With Facebook Pay, users can use it to pay when shopping, transfer money to friends or donate money with a fee of 0 dong.
Consolidating payments across Facebook, WhatsApp, Messenger and Instagram into Facebook Pay shows that the social networking giant is looking to tighten ties between platforms even as it is called to “disband”. Facebook is also developing a solution for people to send messages on Messenger, WhatsApp, Instagram without having to switch apps.
You can use Facebook Pay to send money to friends, shop for merchandise, or even donate to fundraisers. The service will be separate from Calibra and Libra wallets, and it can build on existing financial infrastructure and partnerships, Facebook said.The social network’s push to expand its payment and commerce capabilities comes at a time when it’s under great pressure for not doing enough to protect the privacy of its 2.5 billion users.
Facebook did not reveal exactly when the payment system will be available across all of its apps, nor when it will launch internationally. Facebook Pay comes just weeks after a large number of payment companies dropped out of the Libra project.
PayPal, the company that powers Facebook Pay, was one of the first companies to leave the Libra Association, a nonprofit organization that oversees the creation and implementation of cryptocurrency.
Every major US payment processor has now left the Libra Association for fear of legality and repression by lawmakers. However, that hasn’t stopped Facebook from launching a more traditional payment system.
Despite the initial setbacks, CEO Mark Zuckerberg seems undaunted.
We are working on many different fronts because this is a huge space. Payments is one of the areas where I feel most excited and optimistic in the coming years. The most powerful CEO in the world shared.
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