On Tuesday, Facebook stated that it is joining the system that handles payments at the social network as well as in its family of messaging apps. This move comes in a climate of political rhetoric that comprises of calling for the California-based internet company to be broken up.
Facebook Pay to roll out in the US This Week
In an online post, Liu stated that “People already use payments across our apps to shop, donate to causes and send money to each other”.
He then further added, “Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.”
Transactions like payments or donations at Messenger, Instagram, WhatsApp or the main social network is finally going to be handled by a unified Facebook Pay system, as per to the marketplace as well as commerce vice president Deborah Liu.
Facebook Pay is going to offer a single system behind the scenes in order to handle financial transactions as well as protect data like numbers of credit card or else delivery addresses for people who may use many of the applications of the social networking sites.
The unified service is now going to start rolling out in the US this week for fundraisers, in-game purchases, event tickets, as well as person-to-person payments on Messenger along with purchases on Facebook, as per to Liu.
“Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp,” Liu lso said.
On the other hand, Payments in Facebook apps are managed in partnerships with PayPal, Stripe as well as various additional online financial transactions platforms around the globe, and are also separate from a Calibra digital wallet being built in order to handle a proposed Libra cryptocurrency, as per to the Liu.
Liu further said, “Facebook Pay is part of our on-going work to make commerce more convenient, accessible and secure for people on our apps,”
“We believe we can help businesses grow and empower people everywhere to buy and sell things online.”
The planned digital currency of Facebook, Libra, on the other hand is facing heated opposition from policymakers around the globe.
In the meantime, Facebook had originally hoped to roll out Libra following year, but at the same time, it has met fierce resistance from regulators as well as governments who see it as a threat in order to their monetary sovereignty.
