The new service will let you send money without fees across Facebook, Instagram, WhatsApp, and Messenger
In Brief:
- It will let users of Facebook's family of apps — including Instagram, WhatsApp and Messenger — send and receive money and make purchases.
- The service is similar to Venmo, Google Wallet and Apple Pay, allowing users to transfer money directly from their bank account or credit cards.
- Facebook Messenger already had a service called Payments that let people send money from their bank accounts, but it didn't support major credit cards.
What it means
Facebook Pay provides a unifying thread across Facebook's collection of disparate apps at at time when there are calls to break up the company. It also comes just as the company is facing intense regulatory scrutiny over its planned Libra digital currency.
