In its bid to become the provider - and tracker - of all things to all humans, Facebook has announced that it is entering the peer-to-peer money transferal market.
The initiative is meant to rival PayPay, and it revolves around Facebook's Messenger app. According to the Financial Times, the Silcon Valley-based social media company is trying to compete with PayPal, Square and other payment providers and, eventually, even large banks, following an announcement that users will be able to upload a Visa or MasterCard debit card to the Messenger app and send payments to other Facebook users for free.
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"We use layers of software and hardware protection that meet the highest industry standards," Facebook said in a blog post. "These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receives additional monitoring and control. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe."
The social media giant is just the latest tech company to make a go at entering the lucrative financial sector; its effort follows Apple's payment service system, Apple Pay, which was launched last year, and Google, which has introduced Google Wallet. Whatever solution the company finds for Facebook Messenger could also be applied via WhatsApp, an SMS-style messaging app that Facebook purchased in 2014 for $22 billion.
But the concern among privacy advocates is the same that it has been regarding previous Facebook tracking: That users of the financial transaction apps and programming will also have their money transfers logged. For some time now Facebook has had a payments business in which credit card data is stored so users could buy extra features in games that run on the platform. Full story...
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The initiative is meant to rival PayPay, and it revolves around Facebook's Messenger app. According to the Financial Times, the Silcon Valley-based social media company is trying to compete with PayPal, Square and other payment providers and, eventually, even large banks, following an announcement that users will be able to upload a Visa or MasterCard debit card to the Messenger app and send payments to other Facebook users for free.
(...)
"We use layers of software and hardware protection that meet the highest industry standards," Facebook said in a blog post. "These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receives additional monitoring and control. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe."
The social media giant is just the latest tech company to make a go at entering the lucrative financial sector; its effort follows Apple's payment service system, Apple Pay, which was launched last year, and Google, which has introduced Google Wallet. Whatever solution the company finds for Facebook Messenger could also be applied via WhatsApp, an SMS-style messaging app that Facebook purchased in 2014 for $22 billion.
But the concern among privacy advocates is the same that it has been regarding previous Facebook tracking: That users of the financial transaction apps and programming will also have their money transfers logged. For some time now Facebook has had a payments business in which credit card data is stored so users could buy extra features in games that run on the platform. Full story...
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