Facebook on Tuesday announced that it will soon be launching a new payments service that can be used across all its applications. This new launch is not only in a move to tie up all its social media applications but also to take the challenge directly to PayPal's Venomo.
Moreover, the move comes in a bid to tie up its social media applications tightly at a time when an increasing number of calls for breaking up the company are mounting on it. Facebook has been facing increased antitrust scrutiny lately that has been weighing on the company's image.
The social media giant in a blog post on Tuesday said that the new payments service will be called Facebook Pay and will be a secure mode of transaction. It further said that users can make safe transactions as the service accepts all major credit and debit cards, as well as PayPal.
The company in the blog said: "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."
The company will roll out the services on its core Facebook and Messenger apps this week for its users in the U.S., and later make it available on its other two prized properties WhatsApp and Instagram.
As of now, Facebook already offers a payments service that allows users to send money through its Messenger app. The company has been making an effort over the last few months to link its family of apps together.
Facebook tries to win back users' trust
Facebook earlier this year has shared its plans of linking WhatsApp, Messenger and Instagram so that its users can send messages to each other. However, many also are viewing this as an effort to protect itself from antitrust scrutiny and proposals of breaking the company.
Facebook has been mired in controversy since early 2019, when it got embroiled in a data breach scandal involving Cambridge Analytica that affected the personal data of more than 80 million users. Also, the social media giant along with other tech companies has been feeling the heat of increased antitrust scrutiny.
Facebook is now being investigated by as many as 47 state attorneys for evidence of anticompetitive practices. The Federal Trade Commission too has opened an antitrust investigation into the company's practices.
