Facebook introduces the new payment system Facebook Pay this week. It will be available on Facebook, Facebook Messenger, Instagram and WhatsApp in the future and should facilitate payments through Facebook's social networks and apps. Users could send money to friends, buy products or pay for fundraisers, according to a press release from Facebook.
The service will be separated from Facebook's new Calibra wallet and the Libra network, "building on existing financial infrastructure and partnerships," the company said. This week, Facebook Pay will be introduced for Facebook Messenger and Facebook in the US for the time being. When the payment system in the other apps of the Group and in other countries will be available, Facebook has not yet announced.
The service will initially be available for fundraisers, user payments, event tickets, in-game purchases, and some purchases from sites and companies operating on the Facebook Marketplace. "Over time, we plan to bring Facebook Pay to more people and places," the announcement said. Facebook Pay will be available in the Facebook or Messenger application settings panel and will support most debit and credit cards as well as PayPal.
PayPal was one of several financial services companies that had withdrawn from Facebook's planned global crypto project Libra just a few weeks ago. The digital currency, to be launched next year in cooperation with dozens of partners and managed by the nonprofit Libra Association, is currently facing much opposition from both the financial and global governments. With Facebook Pay, the group now introduces a classic online payment system.
