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Facebook has launched an electronic payment system

Facebook Pay currently only works in one country, but geography will be expanded

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Facebook, which recently changed the logo, has launched the Facebook Pay electronic payment system, which will operate on the social network of the same name, its messenger, Instagram, and WhatsApp.

While the service started in the USA for Facebook and instant messenger. Over time, the company plans to expand the geography of the service and allow its use on Instagram and WhatsApp.

Facebook Pay will be used to pay for purchases in-game applications and in individual companies on the Facebook Marketplace, as well as purchase tickets for events, transfers between users and collect donations.

You can start Facebook Pay through the settings in the application or on the social network site. At the same time, the company recommends choosing the preferred payment method so that you do not subsequently re-enter all the details every time. The system supports most credit and debit cards and PayPal.

Facebook recalled that users have been making payments through its applications since 2007, and since the launch of the donation collection system in 2015, more than $2 billion has been raised through this platform. It is assumed that the Facebook Pay system will simplify payments, make them more accessible and guarantee their safety and protection of information related to bank cards and user accounts.

Recall that earlier the company planned to launch its own virtual currency, but it encountered difficulties in coordinating the project with the US financial regulator. After that, Facebook partners — international payment systems MasterCard and Visa, as well as Stripe, eBay and Mercado Pago — refused to participate in the Libra cryptocurrency project.

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