US social networking service Facebook said on Tuesday that it had launched a new payment system, which is set to unite its messaging infrastructure and facilitate transactions across the platforms it ownsMOSCOW (Pakistan Point News / Sputnik - 13th November, 2019) US social networking service Facebook said on Tuesday that it had launched a new payment system, which is set to unite its messaging infrastructure and facilitate transactions across the platforms it owns.
The launch of Facebook Pay comes just weeks after several companies pulled support from Facebook's Libra project announced in June. It proposed the launching of a new cryptocurrency, called Libra, and creating a digital wallet to make basic financial services more accessible around the world. It was initially planned that Visa, MasterCard, PayPal and Uber Technologies would invest some $10 million each in a consortium that would govern the digital coin.
"Today we're introducing Facebook Pay, which will provide people with a convenient, secure and consistent payment experience across Facebook, Messenger, Instagram and WhatsApp," Facebook said, adding that the new payment tool will make existing transactions within Facebook easier.
Facebook Pay will be initiated in the US across Facebook and Messenger this week to enable fund-raising, person to person payments, event tickets and goods purchases from sellers at Facebook Marketplace. The new payment tool will later be available for more regions and services.
The company noted that the system would allow setting up Facebook Pay for use across apps, viewing payment history and getting online customer support via live chat. Facebook Pay supports most major credit and debit cards, as well as PayPal.
In 2018, Facebook's net income increased by almost 40 percent as compared to the previous year, reaching $22.1 billion. The progress is mostly due to innovations, such as introducing new apps, providing more opportunities for users and spearheading ideas to provide Internet access in the developing world.