E-commerce payment systems

Facebook debuts payment system, taking on Venmo

Illustration of a coin with Mark Zuckerberg's face on it
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.

American, Chinese companies compete for U.S. mobile payment adoption

The race is on — between American and Chinese companies alike — to get U.S. consumers to pay for everything with their phones. But as the chart below makes plain, that market barely exists.

Adapted from CivicScience; Chart: Andrew Witherspoon/Axios