Facebook Launches Own Payment Gateway In America Social media giant Facebook has made its foray into the digital payments system. The company has announced the launch of its own payment gateway. The platform is named Facebook Pay. This facility is currently available for users in the United States. The company said that it will be expanded to Facebook-owned Messenger, Instagram, and WhatsApp gradually. Facebook Pay will allow users to send money to friends, shop and donate on the social networking platform and Messenger. It can also be used for purchases from select Pages and businesses on Facebook Marketplace. Facebook added that the new payments system will support most major credit and debit cards, and PayPal. PayPal is an American company that supports online money transfers worldwide.
Facebook said that users do not need to download anything new to transfer funds. Facebook Pay works seamlessly on the apps users use. Users can set up Facebook Pay with just a few taps. Just go to Settings option and then Facebook Pay on the app. Eligible users will be asked to add credit and debit cards or PayPal to the platform. It said that mobile billing will also be a mode of payment on Facebook Pay soon. Also, Facebook will not charge a fee from the users for sending and receiving money via the Messenger app. Notably, Facebook Pay is not linked to Libra. Libra is a permissioned blockchain digital currency proposed by the social networking site. The launch of Libra is planned for sometime in 2020.
It is not yet clear if Facebook Pay will be launched in India. But the company recently said that the UPI-based WhatsApp Pay has been exclusively planned in India. The Indian market is crucial for the company because of its massive user base. Facebook-owned WhatsApp is the leader among chat apps in the country. The company said that it is focused around the launch of WhatsApp Pay in India, adding that it will begin operation once it obtains necessary regulatory clearance. Facebook expects WhatsApp’s user base in India will help grow its business rapidly. The company said that the testing is already underway.