{"id":4826,"date":"2019-11-13T11:56:19","date_gmt":"2019-11-13T10:56:19","guid":{"rendered":"https:\/\/www.newmoneyreview.com\/?p=4826"},"modified":"2019-11-19T15:38:14","modified_gmt":"2019-11-19T14:38:14","slug":"facebook-tries-new-approach-in-payments","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/","title":{"rendered":"Facebook tries new approach in payments"},"content":{"rendered":"

Facebook\u2019s ambitious plans for a new cryptocurrency called Libra<\/a> may be bogged down by heavy government scrutiny<\/a> and the withdrawal of key partners from the project<\/a>.<\/p>\n

But that isn\u2019t stopping the Silicon Valley giant in its bid to become a key part of the global payments infrastructure.<\/p>\n

On Tuesday Facebook announced<\/a> it was launching a new service called Facebook Pay, initially available to the company\u2019s US-based users of Facebook Messenger.<\/p>\n

The scale of this social network could offer Facebook a potentially unbeatable competitive position<\/p><\/blockquote>\n

\u201cOver time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp,\u201d Facebook\u2019s vice-president of marketplace and commerce, Deborah Liu, said in a blog on the subject.<\/p>\n

Earlier this year, Mark Zuckerberg, Facebook\u2019s founder and chief executive, said he planned to integrate Messenger, Instagram and WhatsApp<\/a>, which have an estimated 2.6bn users worldwide.<\/p>\n

The scale of this aggregate social network could offer Facebook a potentially unbeatable competitive position if it were allowed to become part of the financial infrastructure, say critics<\/a>.<\/p>\n

Unlike Libra, which aims to become both a separate currency and a payments medium, Facebook Pay is less of a radical departure from the current payments system.<\/p>\n

Like Google Pay or Apple Pay, Facebook Pay will require users to specify a preferred payment method (such as a bank card) and then allow users to make payments directly to a third party.<\/p>\n

The firm says Facebook Pay will initially enable payments for fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select pages and businesses on Facebook Marketplace.<\/p>\n

It\u2019s the person-to-person payments option that could grant Facebook the greatest scope for keeping financial flows within its technology ecosystem.<\/p>\n

Facebook says it is building in some client protections in its payment service, for example, by not automatically setting up Facebook Pay across the apps clients are active on, unless they choose to do so.<\/p>\n

However, the firm makes it clear it aims to monetise the payment data it will be collecting, which will include details about clients\u2019 payment method, transaction date, billing, shipping and contact details.<\/p>\n

\u201cThe actions you take with Facebook Pay can be used for purposes such as to deliver you more relevant content and ads,\u201d Facebook says.<\/p>\n

the firm has recently received a rebuff in India<\/p><\/blockquote>\n

While Facebook is seeking to push forward with its payment plans in its home market, the firm has recently received a rebuff in India, where it has been trialling a messenger-based payments service since early last year.<\/p>\n

Around 1 million Indian users of WhatsApp are able to pay each other directly using the app, after having linked their Indian bank account to their WhatsApp account.<\/p>\n

Payments between WhatsApp users\u2019 bank accounts then pass across India\u2019s Unified Payments Interface (UPI), which offers a near-instantaneous settlement of transactions.<\/p>\n

However, Indian regulators have so far prevented the trial being extended to all 400m Indian users of WhatsApp.<\/p>\n

And last week the Times of India reported<\/a> that the country\u2019s central bank, the Reserve Bank of India (RBI), had decided not to allow the full-scale launch of a payments business in India by Facebook because of the firm\u2019s non-compliance with a requirement to store data locally.<\/p>\n

Don\u2019t miss any more New Money Review content:\u00a0sign up here<\/strong><\/a>\u00a0for our newsletter<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Facebook\u2019s ambitious plans for a new cryptocurrency called Libra may be bogged down by heavy government scrutiny and the withdrawal of key partners from the project. But that isn\u2019t stopping […]<\/p>\n","protected":false},"author":4,"featured_media":4825,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1014],"tags":[1593,1594,1595,1388],"class_list":{"0":"post-4826","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-payment","8":"tag-facebook-pay","9":"tag-india","10":"tag-messenger","11":"tag-whatsapp"},"yoast_head":"\nFacebook tries new approach in payments - New Money Review<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Facebook tries new approach in payments - New Money Review\" \/>\n<meta property=\"og:description\" content=\"Facebook\u2019s ambitious plans for a new cryptocurrency called Libra may be bogged down by heavy government scrutiny and the withdrawal of key partners from the project. But that isn\u2019t stopping […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/\" \/>\n<meta property=\"og:site_name\" content=\"New Money Review\" \/>\n<meta property=\"article:published_time\" content=\"2019-11-13T10:56:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-11-19T14:38:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1400\" \/>\n\t<meta property=\"og:image:height\" content=\"933\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"New Money Review Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newmoneyreview\" \/>\n<meta name=\"twitter:site\" content=\"@newmoneyreview\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"New Money Review Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/\"},\"author\":{\"name\":\"New Money Review Staff\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/person\/34c47dea9161c6b33d0ca38dc5972730\"},\"headline\":\"Facebook tries new approach in payments\",\"datePublished\":\"2019-11-13T10:56:19+00:00\",\"dateModified\":\"2019-11-19T14:38:14+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/\"},\"wordCount\":563,\"publisher\":{\"@id\":\"https:\/\/newmoneyreview.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg\",\"keywords\":[\"Facebook Pay\",\"India\",\"Messenger\",\"WhatsApp\"],\"articleSection\":[\"PAYMENT\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/\",\"url\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/\",\"name\":\"Facebook tries new approach in payments - New Money Review\",\"isPartOf\":{\"@id\":\"https:\/\/newmoneyreview.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg\",\"datePublished\":\"2019-11-13T10:56:19+00:00\",\"dateModified\":\"2019-11-19T14:38:14+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#primaryimage\",\"url\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg\",\"contentUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg\",\"width\":1400,\"height\":933},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/newmoneyreview.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Facebook tries new approach in payments\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/newmoneyreview.com\/#website\",\"url\":\"https:\/\/newmoneyreview.com\/\",\"name\":\"New Money Review\",\"description\":\"A periodical covering the accelerating changes in money\",\"publisher\":{\"@id\":\"https:\/\/newmoneyreview.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/newmoneyreview.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/newmoneyreview.com\/#organization\",\"name\":\"New Money Review\",\"url\":\"https:\/\/newmoneyreview.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2018\/01\/cropped-nmr_close-crop.jpg\",\"contentUrl\":\"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2018\/01\/cropped-nmr_close-crop.jpg\",\"width\":1418,\"height\":158,\"caption\":\"New Money Review\"},\"image\":{\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/newmoneyreview\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/person\/34c47dea9161c6b33d0ca38dc5972730\",\"name\":\"New Money Review Staff\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/newmoneyreview.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/dde30bd01b88010f95b116e674eb3b5b8ef18e77ebe766eceab195eb45d35934?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/dde30bd01b88010f95b116e674eb3b5b8ef18e77ebe766eceab195eb45d35934?s=96&d=mm&r=g\",\"caption\":\"New Money Review Staff\"},\"url\":\"https:\/\/newmoneyreview.com\/index.php\/author\/new-money-review-staff\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Facebook tries new approach in payments - New Money Review","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/","og_locale":"en_GB","og_type":"article","og_title":"Facebook tries new approach in payments - New Money Review","og_description":"Facebook\u2019s ambitious plans for a new cryptocurrency called Libra may be bogged down by heavy government scrutiny and the withdrawal of key partners from the project. But that isn\u2019t stopping […]","og_url":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/","og_site_name":"New Money Review","article_published_time":"2019-11-13T10:56:19+00:00","article_modified_time":"2019-11-19T14:38:14+00:00","og_image":[{"width":1400,"height":933,"url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg","type":"image\/jpeg"}],"author":"New Money Review Staff","twitter_card":"summary_large_image","twitter_creator":"@newmoneyreview","twitter_site":"@newmoneyreview","twitter_misc":{"Written by":"New Money Review Staff","Estimated reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#article","isPartOf":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/"},"author":{"name":"New Money Review Staff","@id":"https:\/\/newmoneyreview.com\/#\/schema\/person\/34c47dea9161c6b33d0ca38dc5972730"},"headline":"Facebook tries new approach in payments","datePublished":"2019-11-13T10:56:19+00:00","dateModified":"2019-11-19T14:38:14+00:00","mainEntityOfPage":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/"},"wordCount":563,"publisher":{"@id":"https:\/\/newmoneyreview.com\/#organization"},"image":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#primaryimage"},"thumbnailUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg","keywords":["Facebook Pay","India","Messenger","WhatsApp"],"articleSection":["PAYMENT"],"inLanguage":"en-GB"},{"@type":"WebPage","@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/","url":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/","name":"Facebook tries new approach in payments - New Money Review","isPartOf":{"@id":"https:\/\/newmoneyreview.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#primaryimage"},"image":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#primaryimage"},"thumbnailUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg","datePublished":"2019-11-13T10:56:19+00:00","dateModified":"2019-11-19T14:38:14+00:00","breadcrumb":{"@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#primaryimage","url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg","contentUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg","width":1400,"height":933},{"@type":"BreadcrumbList","@id":"https:\/\/newmoneyreview.com\/index.php\/2019\/11\/13\/facebook-tries-new-approach-in-payments\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/newmoneyreview.com\/"},{"@type":"ListItem","position":2,"name":"Facebook tries new approach in payments"}]},{"@type":"WebSite","@id":"https:\/\/newmoneyreview.com\/#website","url":"https:\/\/newmoneyreview.com\/","name":"New Money Review","description":"A periodical covering the accelerating changes in money","publisher":{"@id":"https:\/\/newmoneyreview.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/newmoneyreview.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-GB"},{"@type":"Organization","@id":"https:\/\/newmoneyreview.com\/#organization","name":"New Money Review","url":"https:\/\/newmoneyreview.com\/","logo":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/newmoneyreview.com\/#\/schema\/logo\/image\/","url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2018\/01\/cropped-nmr_close-crop.jpg","contentUrl":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2018\/01\/cropped-nmr_close-crop.jpg","width":1418,"height":158,"caption":"New Money Review"},"image":{"@id":"https:\/\/newmoneyreview.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/newmoneyreview"]},{"@type":"Person","@id":"https:\/\/newmoneyreview.com\/#\/schema\/person\/34c47dea9161c6b33d0ca38dc5972730","name":"New Money Review Staff","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/newmoneyreview.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/dde30bd01b88010f95b116e674eb3b5b8ef18e77ebe766eceab195eb45d35934?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/dde30bd01b88010f95b116e674eb3b5b8ef18e77ebe766eceab195eb45d35934?s=96&d=mm&r=g","caption":"New Money Review Staff"},"url":"https:\/\/newmoneyreview.com\/index.php\/author\/new-money-review-staff\/"}]}},"jetpack_featured_media_url":"https:\/\/newmoneyreview.com\/wp-content\/uploads\/2019\/11\/FB-apps.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts\/4826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/comments?post=4826"}],"version-history":[{"count":6,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts\/4826\/revisions"}],"predecessor-version":[{"id":4832,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/posts\/4826\/revisions\/4832"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/media\/4825"}],"wp:attachment":[{"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/media?parent=4826"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/categories?post=4826"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmoneyreview.com\/index.php\/wp-json\/wp\/v2\/tags?post=4826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}