Facebook has announced the launch of its own payment system, called Facebook Pay. It will be available to users of Facebook Messenger, Instagram and WhatsApp, and its main purpose is to simplify money payments and transfers on social networks and applications owned by Facebook.
Users will be able to use Facebook Pay to send money to friends, purchase goods and raise funds. The company says that the new payment system will not be connected with the Calibra service and the Libra cryptocurrency. As an alternative, it is actually “developed on established financial structure and present partnerships.”
Already this week, the deployment of a new payment system for users of the social network Facebook and the Messenger application from the United States will begin. At the initial stage, Facebook Pay will allow you to collect funds, make individual payments and transfers, make the purchase of tickets for various events, pay for some goods of partner companies operating on the Facebook trading platform.
When exactly the payment system will appear in all applications and services of Facebook, has not been announced. It is also unknown when exactly the company will be distributing its payment system in different parts of the world. It is noteworthy that the launch of Facebook Pay took place just a few weeks after many large companies decided to withdraw from the Libra cryptocurrency project.