Facebook Launch New Payments System Amidst Libra Concerns

  • Facebook has just launched a new fiat payment system dubbed Facebook Pay.
  • This payment system is designed to facilitate payments across several media platforms.
  • The network has stated that the new platform of Facebook Pay is “built on existing financial infrastructure and partnerships.”

Facebook has just launched a new fiat payment system dubbed Facebook Pay, despite the regulatory backlash it has received thanks to its Libra stablecoin.

Online shopping 

Earlier this week, the social media conglomerate revealed that it is going to be bringing in a new system called Facebook Pay. This payment system is designed to facilitate payments across several media platforms including Messenger, Instagram, WhatsApp and of course, Facebook.

VP at marketplace & commerce at Facebook, Deborah Liu said:

“People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”

In what seems to be a move to further dodge regulatory hatred, the network has stated that the new platform of Facebook Pay is “built on existing financial infrastructure and partnerships.” 

In a similarly clear sense, Facebook has said that the payment service will be kept separate from the social networks new Calibra wallet and of course, the Libra network.

The new Facebook Pay system is getting ready to start rolling out this week on both Messenger and Facebook in the United States for “fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on Facebook Marketplace.”

Ending the announcement, Facebook ends stating their belief that the firm can “help businesses grow and empower people everywhere to buy and sell things online.”

It will be interesting to see how this new system plays out. For more news on this and other crypto updates, keep it with CryptoDaily!

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