The social media giant, Facebook has launched a payment feature to provide a convenient, secure and consistent payment experience across the Facebook group. It has been termed as Facebook Pay. To begin with, The feature allows Facebook, Whatsapp and Instagram users to facilitate payments worldwide.
Here’s the official announcement at newsroom.fb.com.
“The service will be separate from Facebook’s new Calibra wallet and the Libra network, and it’s ‘built on existing financial infrastructure and partnerships,’”
The goal of Facebook Pay is to “provide people with a convenient, secure and consistent payment experience across Facebook, Messenger, Instagram, and WhatsApp,” said a Facebook spokesperson. Initially, Facebook plans to launch this payment feature for Facebook & Messenger in the US by the weekend. However, it is not clear as to when the feature will be rolled worldwide.
Will Libra see the light?
Facebook’s much anticipated Libra project has met fierce resistance from regulators and governments from day one. The crypto industry is skeptical as to how Libra will handle payment due to Facebook’s fame for mishandling private data. Facebook’s crypto ambitions faced several backlashes. The main investors like Paypal, Mastercard walked out of the Libra Association as they saw no future for Libra.
This Facebook Pay news comes weeks after these big names revoked their support. Consequently, It seems that the social media giant is in the lookout for alternate payment solutions and zeroed on Facebook App. Incidentally, Paypal is supporting this new feature.
To summarise, Now with this Facebook Pay feature, the Libra may remain a dream.