Facebook announces new payments service Facebook Pay. Instagram prepares to take on TikTok with TikTok-like video clip Stories feature.
Facebook Pay: Facebook has announced a deeper foray into fintech and one more step towards integrating the platforms it owns. The social media giant will roll out a payments service called Facebook Pay that will allow users to securely send payments to others. It accepts most major credit cards and debit cards - in addition to PayPal. And by enabling users to send money through Facebook's other apps - Messenger, WhatsApp and Instagram - it seeks to integrate its many services. CNBC
Video War: Instagram is preparing to take on TikTok by introducing a TikTok-like feature. Instagram Reels lets users make 15-second video clips set to music and share them as Instagram Stories. Reels has been launched in Brazil - where it's called Cenas - and could be released in other markets soon. TechCrunch
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