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Technology Facebook Pay launches: Will you trust Facebook with your money?

00:15  13 november  2019
00:15  13 november  2019 Source:   usatoday.com

Facebook will soon announce the first members of its oversight board

Facebook will soon announce the first members of its oversight board Facebook will soon name the first members of a new oversight board designed to hold the platform more accountable in its content moderation decisions, the company said Tuesday as it released a charter governing the fledgling institution. © Justin Sullivan/Getty Images Facebook will soon name the first members of a new oversight board designed to hold the platform more accountable in its content moderation decisions, the company said Tuesday. At least 11 individuals, and as many as 40, will ultimately serve on the body to review the company's handling of content takedowns or appeals on Facebook and Instagram, the company said.

With Facebook Pay , Facebook says users will be able to shop at merchants or send money or make donations to one another across its trio of apps in a move that The move to launch Facebook Pay comes as Facebook is facing pushback from lawmakers and regulators over plans to launch its own

Facebook launched a new payment service on Tuesday that will let users of its family of apps — including Instagram, WhatsApp and Messenger However, Facebook Pay has no fees and will not store money in an online account. Facebook Messenger already had a service called Payments that

SAN FRANCISCO – Facebook wants to be your new payment system. Will you trust it with your money?

On Tuesday, the social media giant unveiled a new payment system that will work across Facebook Messenger, WhatsApp and Instagram in a direct challenge to Apple Pay and PayPal's Venmo and in much the way WeChat, China’s “app for everything,” does.

With Facebook Pay, Facebook says users will be able to shop at merchants or send money or make donations to one another across its trio of apps in a move that even more deeply integrates those apps with Facebook's main platform. Currently, users can only send money through Messenger, though the company is testing purchases on Instagram in the U.S.

Facebook Pay is a new payment system for WhatsApp, Instagram, and Facebook

  Facebook Pay is a new payment system for WhatsApp, Instagram, and Facebook Facebook Pay arrives just weeks after payment companies dropped out of LibraFacebook is planning to start rolling out Facebook Pay on Messenger and Facebook in the US this week. It will initially be available for fundraisers, person-to-person payments, event tickets, in-game purchases, and some purchases from pages and businesses that operate on Facebook’s Marketplace. “Over time, we plan to bring Facebook Pay to more people and places, including for use across Instagram and WhatsApp,” explains Deborah Liu, Facebook’s vice president of marketplace and commerce.

Facebook previously launched Facebook Credits, a virtual currency which you can use to purchase goods Facebook has dumped this cack-handed method and now allows users to pay with their credit or debit cards If Facebook can offer lower fees than other money -transfer services, its service will

Libra isn't Facebook 's only big leap into the payment world. The social media giant has unveiled Facebook Pay , its bid at simplifying both purchases and money transfers. Once you 've set a payment method, it's theoretically quick and easy to buy tickets, shop on Marketplace, contribute to fundraisers

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Whether to use Facebook Pay or not is up to the users of its platforms, the company says.

"You can set up Facebook Pay app-by-app or choose to set it up for use across apps (where available). That means we won’t automatically set up Facebook Pay across the apps you are active on, unless you choose to do so," Erin Egan, vice president and chief privacy officer, public policy, said in a statement.

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Facebook says it has put in place measures such as fraud detection, a personalized PIN, and the biometrics you use on your device to help guard against unauthorized transactions. Consumers should note that data collected from transactions on Facebook Pay will help the company deliver more targeted content and ads.

Facebook Pay lets you buy goods and send money inside Facebook's apps

  Facebook Pay lets you buy goods and send money inside Facebook's apps Libra isn't Facebook's only big leap into the payment world. The social media giant has unveiled Facebook Pay, its bid at simplifying both purchases and money transfers. Once you've set a payment method, it's theoretically quick and easy to buy tickets, shop on Marketplace, contribute to fundraisers or cover your share of last night's pizza. You can set it up on an app-by-app basis, but Facebook also lets you set it up across apps -- a one-time setup could make it useful across Facebook's ecosystem. The core app and Messenger will support Pay in the US this week, while Instagram, WhatsApp and more countries are in the pipeline.

Would you trust Facebook with your money ? On Tuesday, Facebook confirmed it would launch a digital global currency similar to Bitcoin, called The wallet will initially allow users to send money to each other before eventually adding new services such as " paying bills with the push of a button

“who would trust Facebook , of Cambridge Analytica fame, with their money ?” The Facebook crypto will enable users to buy things and transact with other people with very low fees. The Libra Association. This group comprises of various members who pay an entrance fee of over After Libra’s white paper was launched , the French finance minister, Bruno Le Maire, said that it should

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Facebook CEO Mark Zuckerberg has made clear his ambitions to merge all three messaging apps, a move that would make the Silicon Valley company, which is under growing antitrust scrutiny, more difficult to pry apart.

The move to launch Facebook Pay comes as Facebook is facing pushback from lawmakers and regulators over plans to launch its own digital currency Libra.

This article originally appeared on USA TODAY: Facebook Pay launches: Will you trust Facebook with your money?

Brazil hits Facebook with $1.6 million Cambridge Analytica fine .
The Cambridge Analytica data scandal may have come to light nearly two years ago, but the former company -- and as a result, Facebook -- is still feeling the effects of the fall out. Brazil's government has imposed a $1.6 million fine on Facebook for its role in the fiasco -- a considerably higher sum than the $644,000 fined by the UK, where the incident took place. According to Brazil's Ministry of Justice and Public Security, data belonging to some 443,000 Brazilian users was used for "at the very least, questionable" purposes. Some estimates suggest that up to 87 million people were affected by Facebook's improper use of data globally -- mostly in the US.

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