Recently Facebook launched its brand new payment and peer to peer money transfer platform called Facebook Pay in the US. Planned to be launched and integrated into Facebook, Messenger, Instagram, and Whatsapp, it is Facebook’s method of getting into the financial sector and spreading its influence.
Facebook launched Facebook Pay as a response for a large number of Libra Coin supporting corporations like PayPal, MasterCard, Visa, and Ebay backing down from Libra Coin Association, Facebook’s cryptocurrency platform. So Facebook launched this new, non-cryptocurrency, money transaction platform. Being different from Facebook’s Libra Coin network it is a separate standalone money transaction system of its own.
Facebook Pay’s main objective is to make the transaction easier, and its focus is to support e-commerce on the facebook platform, making it ever easy to spend or send and receive money from friends and family online. Being a huge success for facebook the platform managed to make partnerships with Paypal and Stripe to make the platform accept most of the credit and debit cards and Paypal payments. The platform uses a pin system similar to the one in credit cards or debit cards, and also has a second step verification using the selfy camera. It uses face detection and recognition technology to identify and verify the sender or receiver using the selfy camera of the phone before making every transaction.
Available only on Facebook and Messenger in the US only, Facebook Pay was enrolled in the last week of November 2019, before making it to Instagram & Whatsapp. It is made to make transactions easier in the Facebook ecosystem like shopping, donating to fundraisers, or just transferring money to friends or family. In US Facebook Pay is available on Facebook and Messanger app in the settings menu. Facebook Pay is estimated to be launched globally a few months after being launched in the US.