Facebook's new, unified payment system is in works. Facebook says they are working on a new payment system to handle transactions across its family of messaging apps including WhatsApp, Instagram and Messenger. This comes amid growing calls for Facebook be broken up. According to Facebook's vice president of marketplace and commerce Deborah Liu, payment transactions on Facebook, Messenger, WhatsApp and Instagram will eventually be handled by a single, unified Facebook Pay system.
"People already use payments across our apps to shop, donate to causes and send money to each other," Liu said in an online post. "Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected." Facebook Pay will provide a single system behind the scenes to handle financial transactions and safeguard data such as credit card numbers or delivery addresses for people who may use several of the social network's applications.
Liu said that Facebook will begin rolling out this unified payment service in the US this week. It will be supported by several transactions including fundraisers, in-game purchases, event tickets and person-to-person payments on Messenger and purchases on Facebook.
"Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp," Liu said.
Currently, in-app payments in Facebook family apps are processed in partnerships with PayPal, Stripe and other global online financial transactions platforms. Not to confuse, it will separate from a Calibra digital wallet being built to handle a proposed Libra cryptocurrency.
"Facebook Pay is part of our ongoing work to make commerce more convenient, accessible and secure for people on our apps," Liu said. "We believe we can help businesses grow and empower people everywhere to buy and sell things online." Facebook's planned digital currency Libra is facing heated opposition from policymakers around the world.
Facebook had originally hoped to roll out Libra next year, however, due to fierce resistance from regulators and governments who see it as a threat to their monetary sovereignty, the process is delayed.
(With agency inputs)