While the Libra stablecoin project continues to meet a hostile crowd of regulators, Facebook is launching a new fiat payment system called Facebook Pay.
Empower people everywhere to buy and sell things online
12. November, the social media giant announced that it is introducing Facebook Pay, a payment system designed to facilitate payments on Facebook, Messenger, Instagram and WhatsApp. Deborah Liu, VP, Marketplace and Commerce on Facebook said:
“People are already using 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 that your payment information is secure and secure. ”
In an apparent attempt to avoid further regulatory scrutiny, the company clearly states that Facebook Pay is“ built on existing financial infrastructure and partnerships. "The company is equally clear that the payment service will be kept separate from Facebook's new Calibra wallet and the Wake Network.
Facebook Pay starts rolling out this week on Messenger and Facebook in the US for" fundraisers, in-game purchases, event tickets, payments from person to person on Messenger and buy from selected pages and businesses on the Facebook Marketplace. "
Facebook ends the announcement with the belief that the company can" help businesses grow and give people everywhere to buy and sell things online. "
Every major US payment processor has left the Libra Association
In early October, the ibra Association lost seven partners of the original 28. Namely, PayPal, Visa, Mastercard, Stripe, eBay, Mercado Pago and Booking decided to leave the consortium.
However, not long after, Alfred F. Kelly, CEO of larger payment processor Visa, said the company is still in discussions with Facebook about the Libra project, adding that it believes digital currencies provide safer payments to more people and places.