In a statement By Deborah Liu, VP, Marketplace & Commerce at Facebook;
we are introducing Facebook Pay, which will provide people with a convenient, secure and consistent payment experience across Facebook, Messenger, Instagram and WhatsApp.
People already use payments across our apps to shop, donate to causes and send money to each other. Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected.
Facebook Pay supports most major credit and debit cards as well as PayPal. Payments are processed in partnership with companies like PayPal, Stripe and others around the world. It is built on existing financial infrastructure and partnerships and is separate from the Calibra wallet which will run on the Libra network.
When it fully scales up across its sister platforms; Instagram and WhatsApp it will disrupt the payments industry in an unprecedented way considering the kind of audience reach Facebook has at its disposal and payments will never be the same again.