Facebook Rolls Out New Payment System
As the Libra stablecoin project continues to face a hostile audience of regulators, Facebook launches a new fiat payment system called Facebook Pay.
On Nov. 12, the social media giant announced that it is introducing Facebook Pay, a payment system that is designed to facilitate payments across Facebook, Messenger, Instagram, and WhatsApp. VP, marketplace & commerce at Facebook, Deborah Liu, 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.”
In an apparent bid to avoid further regulatory scrutiny, the company clearly states that Facebook Pay is “built on existing financial infrastructure and partnerships.” The firm is similarly clear that the payment service will be kept separate from Facebook’s new Calibra wallet and the Libra network.
Facebook Pay will start rolling out this week on Messenger and Facebook in the United States for “fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger and purchases from select Pages and businesses on Facebook Marketplace.” (Neutral)
China’s Digital Currency Will Provide Required Anonymity in Transactions
China’s digital yuan will not fully control people’s information and will provide them with the required anonymity in their transactions, according to an official.
“We know the demand from the general public is to keep anonymity by using paper money and coins … we will give those people who demand it anonymity in their transactions,” said Mu Changchun, head of the digital currency research institute at the People’s Bank of China (PBoC). Adding that the central bank would keep the “balance between the ‘controllable anonymity’ and anti-money laundering, CTF [Countering Financing of Terrorism], and also tax issues, online gambling and any electronic criminal activities,” continuing: “That is a balance we have to keep, and that is our goal. We are not seeking full control of the information of the general public.”
Mu also said that China’s digital yuan holders would not receive interest payments lacking implications for inflation or monetary policy. The goal of the digital currency is to create a new system in case of issues with China’s existing financial infrastructure, where two players – WeChat and Alipay – dominate electronic payments.
The official recently also said that the design of digital yuan would be similar to Facebook-led Libra stablecoin and that it could also be used across WeChat and Alipay payment platforms. (Positive)
Alibaba’s Ant Financial Has Launched the Testing Stage For Its Blockchain Network
Ant Financial, the fintech arm of Chinese tech giant Alibaba Group, has launched the testing stage for its blockchain network aimed to support small and medium-sized businesses.
Speaking at the World Blockchain Summit at Wuzhen, China, Jieli Li, senior director of technology and business innovation at Ant Financial, said the tech underlying its Ant Blockchain Open Alliance is set to go live three months after the testing period, according to a report.
“While the blockchain is open to developers and institutions from all over the world, we will be cautious in terms of selecting nodes on the platform,” Li said in an interview with 8btc.com.
The company will include educational and certification agencies as nodes to increase credibility of the network, and choose partners depending their industries rather than which regions they are based in, the exec explained. However, who those firms might be is not yet being disclosed.
Ant Blockchain Open Alliance is aimed to cut costs and expand the reach of services in different industries, such as finance and healthcare, to a larger user base.
The company unveiled the project in September and has been adding partners to the consortium since. It’s working on other blockchain projects too, including a food tracking app and a system for monitoring agri-products in partnership with Bayer. (Positive)
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