I wouldn't say that the Facebook (or rather FACEBOOK) is at the best of times to launch its own payment platform, but here we are: Mark Zuckerberg's giant today announced the Facebook Payis a new way to transfer money and pay services / people through company applications.
The idea that eventually the system will be integrated with Facebook apps like Whatsapp, The Instagram, The Messenger is Facebook itself, and be used as an extension of these services. This way you can, for example, send money to friends, shop faster in the marketplace from the network or make quick donations to online institutions and kitties.
Note that the platform has nothing to do at least initially with the Libra cryptocurrency project, which is facing support and reliability issues. Facebook Pay is being built “on top of existing financial infrastructures and partnerships,” so it should not suffer from the same problems as the giant's virtual money initiative.
It is also important to note that in this early period Facebook Pay will be confined to the digital world, without allowing you to make purchases in the physical world with own terminals, for example. This part of the story will continue to be dominated by other platforms such as Apple pay, The Google Pay it's the Samsung Pay.
Facebook Pay will be launched in the United States this week, and initially only present in Facebook's own app and Messenger integration with other apps such as Instagram and WhatsApp, coming soon, as well as international expansion. US users will be able to control their accounts in their own app settings, as well as add credit or debit cards and PayPal for payment integration.
Who would you like to test?
via The Verge