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    Facebook's new Venmo competitor

    Could Facebook take users away from popular payments platforms like Venmo and the Cash App? We’ll see.

    Yesterday, Facebook took the hood off Facebook Pay, a new feature that lets you pay other people on Facebook via Messenger. While Facebook already had “Payments” through Messenger, Facebook Pay works with credit cards and will maintain your transaction history. The news comes only a few months after Facebook’s big Libra announcement, which is currently facing regulatory roadblocks. It’s worth noting that PayPal (the owner of Venmo) just backed out of the group backing Libra.

    Here’s what you need to know:

    • Facebook Pay will apparently be separate from Libra. 
    • The new payments feature is rolling out on Messenger in the U.S. this week. 
    • Facebook users can use it to pay for game purchases, event tickets, and person-to-person payments (including on Facebook Marketplace). 
    • Facebook plans to expand the service to WhatsApp and Instagram. 

    On Product Hunt, reactions to Facebook Pay were mixed.

    “If data is a person's most valuable commodity and FB have consistently proven they can't be trusted with it, why would I ever consider using their payments system for my money?” - Connor 

    “Don't be surprised your family members sending you Christmas money through Facebook Pay.” - Edison 

    “Makes sense, it can easily compete with Venmo/Cash app.” - Thiago 

    Do you think you’ll use Facebook Pay?

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