Facebook presents a new payment system on its social media

by in Cryptocurrency News

Facebook Pay

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Facebook has revealed a new payments system which intends to make online money transfers more manageable.

Facebook Pay is going to work across Facebook, WhatsApp, Messenger and Instagram, enabling users to send funds to their contacts and friends on any of those applications. The corporation says it is going to propose a safe and steady payment activity across all those apps, not forgetting about user data protection.

Presently, Facebook Pay is accessible only in Messanger. If you would like to try it just open “Facebook Pay” in settings of the app, attach a payment method (a card, Stripe, etc.). That's it you can now use Facebook Pay the next time you're transferring money to someone. Facebook Pay will be available on Instagram and WhatsApp in the nearest future, so you’ll have the opportunity to add it right from the application.

Facebook Pay carries the most of credit and debit cards and, of course, PayPal. This system was built on existing commercial infrastructure and communities and is not connected with the Calibra wallet, which will operate on the Libra network.

As to Facebook’s report, the corporation has suggested trusted payment activities since 2007 and have processed over $2 billion in donations after it introduced a fundraising tool in 2015. With this new system, Facebook intends to proceed to invest in security and make commerce more convenient on their applications.