Libra is still facing a lot of hostility from regulators. Despite many companies leaving the Libra Association and Zuckerberg having a rough time before Congress, Facebook still continues forward with its plans and released its new fiat-only payment system named Facebook Pay.
Facebook Pay was officially introduced yesterday. It was dubbed as a payment system, which will be used to settle payments across Facebook’s services including Messenger, Instagram and WhatsApp.
Facebook’s VP and market & commerce Deborah Liu stated:
“Many users are already using payments across our applications in order to make purchases, donations or simply send funds between themselves. Facebook Pay will simplify everything while at the same time continuing to ensure that clients’ payment information remains secure and protected.”
When it comes to further regulatory concerns, Facebook clearly stated that payment system is built on the foundation of “existing financial structure and partnerships”. It was made abundantly clear that the new system will be entirely separate from the Calibra wallet and all things Libra.
Facebook Pay will go live later this week
The first official use will start this week on Messenger and Facebook in the North American region. Clients will be able to make in-game purchases, help fundraisers, purchase tickets to events and send payments between themselves.
According to Facebook, this will “help businesses grow” and will empower more people throughout the world to make use of online shopping. Many experts however, have noted that this is simply a minor setback in Facebook’s plans and this new system will be a used as a foundation to build Libra.
So far, regulators have remained silent as there seems to be no fear that Facebook Pay will create a shadow banking system like Libra.
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