Illustration: Sarah Grillo/Axios

Facebook on Tuesday announced Facebook Pay, an online payment system that will allow users across its services to send payments to one another. The new product, separate from its Libra cryptocurrency effort, puts the social network giant in competition with Venmo and others.

Why it matters: Once again, Facebook will be asking users to hand over more sensitive information when it is under fire for how it manages the information and access it already has.

Between the lines: Facebook CEO Mark Zuckerberg said at F8 last year that the company wasn't going to slow down on developing new products even as it works to restore trust.

  • Since then, the company has announced plans for its own cryptocurrency and launched Portal, which puts a camera and microphone inside users' home.

Details: Facebook said it will roll out Facebook Pay on Facebook and Messenger this week in the U.S. for "fundraisers, in-game purchases, event tickets, person-to-person payments on Messenger" as well as some businesses on Facebook Marketplace. The service will later expand to WhatsApp and Instagram, the company said.

What they're saying: "People already use payments across our apps to shop, donate to causes and send money to each other," Facebook VP Deborah Liu said in a blog post. "Facebook Pay will make these transactions easier while continuing to ensure your payment information is secure and protected."

Our thought bubble: The move comes shortly after Venmo owner PayPal backed out of the consortium backing Libra.

Go deeper

Dion Rabouin, author of Markets
54 mins ago - Economy & Business

Coronavirus surge is sinking consumer confidence

Data: Hamilton Place Strategies, CivicScience; Chart: Axios Visuals

The rise in coronavirus cases in certain parts of the U.S. is stunting confidence across the country, a crop of new reports show.

Driving the news: After stalling during the previous two-week period, overall economic sentiment declined for the first time in two months, according to the Economic Sentiment Index, a biweekly survey from data firm CivicScience and Hamilton Place Strategies (HPS).

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Obama: Trump is "jealous of COVID's media coverage."
  2. Health: Mask mandates help control the rise in coronavirus hospitalizations. Hospitals face a crush.
  3. Business: Coronavirus testing is a windfall. Winter threat spurs new surge of startup activity.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. World: Putin mandates face masks.

The GOP's monstrous math problem

Illustration: Sarah Grillo/Axios

Republicans, win or lose next week, face a big — and growing — math problem.

The state of play: They're relying almost exclusively on a shrinking demographic (white men), living in shrinking areas (small, rural towns), creating a reliance on people with shrinking incomes (white workers without college degrees) to survive.