Facebook is a world famous social network. Other famous social media networks like Whatsapp and Instagram also owned by Facebook Inc. Facebook is going to introduce a Crypto currency of their own called “Libra”. They are going to introduce this with the collaboration of VISA, Mastercard, Paypal, Uber and Booking.com. All of the above mentioned organizations will invest in this new Crypto currency and all of them will be the members of Libra Association in future.
According to the reports, in the beginning of November Facebook was going to introduce a new service called “Facebook Pay” which will be similar to Google pay, Apple pay and Paypal. This feature will facilitate users to transfer money safely through Facebook messenger, Instagram and Whatsapp. According to Facebook Inc., once you enter your information you can enjoy this throughout many popular features around the world.
Current situation of Facebook Pay
Basically, they have started to provide this facility to USA. Currently, this facility will allow the users to make purchases related to sport events, tickets of other special occasions, online purchases through Facebook and it will allow individuals to exchange money between each other.
Security measures in Facebook Pay
Facebook was successful in providing safe payment methods since 2007. They have donated more than 2 billion dollars since the day in which they launched their first fund raising tool in 2015. They have designed a specific procedure to carryout anti- fraudulent surveillances for storing your bank account information, coding them safely and to identify unauthorized activities.
You will be allowed to use biometrics in your device like face detection, fingerprint or else you can use your PIN number when transferring or paying money. They specially mentioned that your biometrics will not be received by Facebook in this process. In addition, Facebook Inc. stated that they will be investing more in future to ensure the safety for Facebook Pay.
Vision of Facebook Pay
According to Facebook Inc. Facebook Pay is currently given only for USA and it will be enabled to every other country in near future. They also mentioned that they will be working on adding all the credit and debit cards and they will take measures to support Paypal also.
They says that this Facebook Pay facility is not related with the above mentioned Crypto currency “Libra”.