Facebook
As Libra Continues Facing Hostility Among Regulators, Facebook Launches New Payment System
November 13, 2019
Facebook
As Libra Continues Facing Hostility Among Regulators, Facebook Launches New Payment System
November 13, 2019

As the Libra stablecoin project continues to face a hostile audience of regulators, Facebook launches a new fiat payment system called Facebook Pay.

On November 12, Facebook announced that it is introducing Facebook Pay, a payment system that is designed to facilitate payments across Facebook, Messenger, Instagram, and WhatsApp.

Deborah Liu, the Vice President, Marketplace & Commerce at Facebook 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.”

Deborah Liu

Likewise, in an apparent bid to avoid further regulatory scrutiny, the company clearly states that Facebook Pay is “built on existing financial infrastructure and partnerships.”

Similarly, the firm is clear that the payment service will be kept separate from Facebook’s new Calibra wallet and the Libra network.

Facebook Pay is going to start rolling out this week on 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.”

However, Facebook concludes the announcement with the belief that the firm can “help businesses grow and empower people everywhere to buy and sell things online.”

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At the beginning of October 2019, the Libra Association lost seven partners out of the original 28, namely PayPal, Visa, Mastercard, Stripe, eBay, Mercado Pago and Booking who decided to leave the consortium.

Thus, Alfred F. Kelly, the CEO of major payment processor Visa, said that the company is still in discussions with Facebook on the Libra project by adding that it believes that digital currencies provide safer payments to more people and places.

Source: newsroom.fb.com | cointelegraph.com


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Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
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