Facebook has introduced its own system of electronic payments

Facebook launched Facebook Pay, an electronic payment system. It will operate on the social network and its messenger, Instagram, and WhatsApp. But will the company’s management be able to guarantee the safety of users’ finances?

The launch of Facebook Pay was reported in the company’s blog. With the help of the service, you can buy games, tickets for events, collect donations and simply send amounts to friends. The management of the most popular social network in the world plans to expand the possibility of using the novelty also on Instagram and WhatsApp.

You can start using Facebook Pay by launching it on the website or in the app. The service supports PayPal as well as most credit and debit cards. The company reminded that through Facebook customers make payments for 12 years. And the novelty will only simplify the scheme.

Facebook has for many years positioned itself not as a social network, but as a full-fledged platform within which third-party developers create various applications. Information security specialist Sohrab Ghairat is sure of this.

“Facebook is committed to constantly increasing its turnover and revenue. In the presence of its payment system, it will have the opportunity to monopolize transactions within the company. This will become very noticeable when Facebook does release its cryptocurrency.”

With each internal transaction, Facebook will receive its percent, which it now pays to banks and the Visa \ Master system for acquiring-the ability to accept non-cash payments.

According to Ghairat, this has already been done in the AppStore. All applications that are published there by third-party developers can only accept payments through ApplePay.

Facebook has a lot of experience with security. The company has repeatedly proved that it is quite a reliable platform.

“Imagine, this is one of the largest, if not the largest, Internet resource in the world. Every day there are more than a million attempts to hack it. Of course, the attackers had some successes, but they are insignificant. Banks are hacked more often than Facebook,” Ghairat concluded.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Author: Flyn Braun
Graduated from Cambridge University. Previously, he worked in various diferent news media. Currently, it is a columnist of the us news section in the Free News editors.
Function: Editor
132 number 0.208278 time