The company formally announced Facebook Pay yesterday, a unified service for payment offerings across its family of apps, including WhatsApp, Instagram, and Messenger. Facebook Pay uses traditional financial channels and is separate from its Libra cryptocurrency project, which has hit a wall of regulatory resistance around the world.
This contrasts with Tencent, a tech giant in China that runs a dominant social network, which produces substantial revenue from things like payments, financial services, and gaming.
He said he expects products that make it easier to buy directly from the platform will make it more valuable to business users.
Officials around the world are skeptical of Facebooks efforts to start a cryptocurrency, out of concern that it could undermine existing financial infrastructure. Facebook has been testing payments for its WhatsApp service in India, but has reportedly been forced to delay the project out of regulatory concerns about where personal data is stored.
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