The largest social media giant is entering the global payment platform with an alternative payment method and not Libra. The giant has recently announced Facebook Pay which works as a payment system.
Facebook Pay reportedly uses credit cards, debit cards, and PayPal as an option and helps users to buy items from stores, send money and donate to charity. However, the payment can be made using Facebook’s in-house applications including Messenger, Instagram, WhatsApp, and the main social network will spearhead the unified Facebook Pay System.
“People already use payments across our apps to shop, donate to causes and send money to each other,” said marketplace and commerce vice president Deborah Liu in an online post. “Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”
It was reported that initially Facebook Pay will be available only on Facebook and Messenger to pay for in-game purchases, fundraisers, event tickets, person-to-person payments and select pages on Facebook Marketplace this week in the United States.
The company’s plan of launching Facebook Pay comes in a wake of avalanches of various criticism ever since it announced the Libra cryptocurrency. This depicts the company’s profound response to regulators and their own understanding that launching Libra for a global audience without any regulatory hurdle needs a bit more time.
In a nutshell, the payment via Facebook Pay will be processed on existing platforms such as Stripe and PayPal and users need not enter the payment information every time they make new purchases or send money to other users.
Despite facing mounting criticism in a couple of months, it seems that Facebook does no pull itself from the payment ecosystem. Notably, it shifted its focus from Libra project to Facebook Pay, all of a sudden to taste the payment industry this way, if not that.
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