The social media giant informed the public about this in a report. The payment system has been developed to enable payments between Facebook, Messenger, WhatsApp, and Instagram.
Facilitate people to trade online
The purpose of the payment system is to empower people who want to buy or sell things online. Deborah Liu, the Vice President of the marketplace & commerce department at Facebook, says the following about the new service:
People already use payments on our platform to shop, donate to charities and to transfer money to each other. Facebook Pay will make these transactions easier, while the security of the transactions remains protected and secured.
In an attempt to prevent more unrest regarding laws and regulations, certainly in the light of all the attention around Libra, Facebook hurries with the announcement that Facebook Pay is continuing on existing financial infrastructure and partnerships. Facebook also emphasizes that the new payment system is completely separate from the Calibra wallet and the Libra network.
Facebook Pay comes first live for customers and users in America, that is on the roll for next week. Initially, the system is used for fundraising, in-game purchases, event tickets, peer-to-peer payments and purchases on Facebook Marketplace.
Facebook concludes the statement with the comment that they believe that Facebook can help companies grow and support people to buy and sell more business online.