A new proprietary online payment system for WhatsApp, Instagram, and Facebook launches today, exactly two weeks after all the payment companies dropped out of Libra.
The evil bastards at Facebook, to whom we're now supposed to refer as FACEBOOK, today unveiled Facebook Pay, which is not all caps, and which will work on Facebook, Facebook Messenger, Instagram, and WhatsApp, to let users shop, donate to causes, and pay friends.
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,'" reports Tom Warren [@tomwarren] at The Verge:
Facebook is planning to start rolling out Facebook Pay on Messenger and Facebook in the US this week. It will initially be available for fundraisers, person-to-person payments, event tickets, in-game purchases, and some purchases from pages and businesses that operate on Facebook's Marketplace. "Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp," explains Deborah Liu, Facebook's vice president of marketplace and commerce.
Facebook Pay will be available in the settings section of the Facebook or Messenger apps, and it will support most debit and credit cards and PayPal. Facebook is using Stripe, PayPal, and others to process these payments.
Facebook isn't revealing exactly when this payment system will be available across all of its apps, nor when it will launch internationally. Facebook Pay comes just weeks after a large number of payment companies dropped out of Facebook's Libra project. PayPal, which is supporting Facebook Pay, was one of the first companies to distance itself from the Libra Association, the nonprofit organization that oversees the creation of the cryptocurrency and its rollout.
Every major US payment processor has now exited the association, and it's left Facebook with the daunting task of convincing governments that Libra is an option, just when trust in Facebook is at an all-time low. That's not stopping Facebook from launching a more traditional payment system today, though.
[theverge.com via TechMeme]