With Facebook Pay, Facebook unifies payments on all its applications - The360 Technology

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  • Thursday, December 26, 2019

    With Facebook Pay, Facebook unifies payments on all its applications

    With Facebook Pay, Facebook unifies payments on all its applications

    Meanwhile the libra, the social network accelerates in the race for payment on smartphone, a sector already invested by many actors.

    Facebook announced Tuesday the launch this week of Facebook Pay, a smartphone payment service to transfer money from his bank account on all platforms of the social network. This service will reimburse friends, donate to charity operations directly on Facebook, or purchase products from the social network Marketplace. Facebook Pay is the result of a partnership between Facebook and several companies specializing in online payment, including PayPal and Stripe.

    It will be possible to synchronize his bank details between all Facebook applications, or only those of his choice. Transfers will be secured with a PIN code, or biometric devices such as fingerprints or facial recognition.

    Facebook Pay will only be available in the United States and only on Messenger. "In the future, we will deploy Facebook Pay in more countries, as well as on Instagram and WhatsApp," the company said in a blog note, without giving more details on its schedule.

    The mobile payment race

    By unifying its payment systems, Facebook is accelerating in the race for mobile payment. A sector already invested by PayPal with Venmo - only available in the United States, Apple with Apple Pay or Google with Google Pay. In France, the company Lydia has had all the time to develop since Facebook put an end to the payment between friends on Messenger in the hexagon, in June. It now has more than two million users. If Facebook Pay arrives in France, it will also compete with Paylib, a mobile phone payment service created by several French banks that claims 1.8 million users. Paylib announced in April that its pay-as-you-go system would become instantaneous.

    Conscious of the concerns its members may have to entrust their banking details, Facebook ensures that they will be encrypted and fraud detection systems will identify suspicious activities. As for the biometric data used to secure transfers, they will not pass through Facebook's servers and will remain stored on the user's device.

    Facebook's announcement comes one month after the social network has lost its main partners in its libra virtual currency project, which it tries to validate by US and European regulators. The social network has been careful to distinguish Facebook Pay from libra: "Facebook Pay is built on existing infrastructure and partnerships, and is independent of the Calibra digital wallet," said Facebook's vice president of corporate governance. Marketplace platform.

    The creation of a single payment service is one of the projects enabled by the ongoing technical integration to interconnect its WhatsApp, Instagram and Messenger applications. Increasing integration of Facebook's services is part of the ongoing investigation by 47 US prosecutors into the anti-competitive practices of the social network.

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