Libra project frustrated, Facebook launched a new payment platform Facebook Pay

According to Cointelegraph on November 13th, Facebook has launched a new French currency payment system called Facebook Pay, as regulators continue to be unfriendly about the Libra Stabilization Project.


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Make it easy for people around the world to trade online

On November 12th, the social media giant announced that it will launch a Facebook payment system that simplifies and enhances the payment service between Facebook, Messenger, Instagram and WhatsApp. Deborah Liu, vice president of marketing and business at Facebook, said:

“People are already starting to make purchases, charitable donations and remittances through the payment features of our app. Facebook Pay will make these transactions easier, while continuing to ensure that payment information is secure and protected.”

To avoid further regulatory scrutiny, the company made it clear that Facebook Pay is "based on existing financial infrastructure and partners," which will be independent of Facebook's new Calibra wallet and Libra network.

Facebook Pay will begin online this week on Messenger and Facebook in the US for "fundraising, in-game purchases, event tickets, P2P payments on Messenger, and purchases of select pages and businesses on Facebook Marketplace."

At the end of the statement, Facebook said that it believes that it can "help the company grow and let people around the world freely trade goods online."

Major US payers have withdrawn from the Libra Association

In early October of this year, PayPal, Visa, Mastercard, Stripe, eBay, Mercado Pago and Booking successively withdrew from the Libra Association, which lost seven of its first 28 partners.

However, Alfred F. Kelly, CEO of payment processing giant Visa, subsequently said that the company is still discussing the Libra project with Facebook and added that it believes digital currency can provide more security for more people and regions. Payment service.