Libra jitters as Facebook Pay launched

The future of the under-fire Libra project has been thrown into doubt by the launch of Facebook Pay, a new digital payments system.

Users will eventually be able to send cash via Facebook, Messenger, Instagram, and WhatsApp using the new service, the social media giant said.

It is not the same as Facebook’s proposed Libra cryptocurrency, which has been slammed by regulators throughout the world and abandoned by partners like PayPal.

Earlier this year, Facebook boss Mark Zuckerberg said he wanted to make it “as easy to send money to someone as it is to send a photo”.

A press release states Facebook Pay provides users with the ability to view their payment history, manage payment methods, and access real-time customer support via live chat.

Facebook Pay will begin rolling out on Facebook and Messenger this week in the US for fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger, and purchases from select pages and businesses on Facebook Marketplace.

Libra is a blockchain-based digital currency planned to be launched in 2020. Facebook aims to let its nearly two billion users pay and send digital cash using Libra.

Facebook CEO Mark Zuckerberg was recently grilled by US lawmakers over Libra, but claimed that China will race ahead in the crypto space if Libra is shackled.

The social media pioneer admitted legislators are right to be concerned about the social media giant’s planned cryptocurrency.

But in a statement to the House Financial Services committee, he added that America risks lagging behind countries like China as it debates the issue.