Gab, a social media platform that was created as a competitor to Big Tech’s networks, has revealed some details regarding its own payment method, GabPay.
GabPay was first introduced in August by CEO and founder Andrew Torba as part of a suite of products aimed at promoting free expression and individual liberty, according to the company. The goal is to not only create an alternative social site, but also to create an alternative economy.
One of the issues Gab claims to address is financial censorship, and the fact that Gab, like many others, was cut off by a number of banks and payment processors, including PayPal and even Coinbase, motivated those behind it to start constructing an alternative financial infrastructure. Gab is also no longer able to accept Visa or Mastercard debit or credit cards.
The service was released before the end of the year, as promised in August, and Gab is now detailing how GabPay Dedicated Merchant Accounts function and who this service is for.
According to a blog post, Gab Merchant Services is a dedicated merchant account provider, not a payment aggregator like PayPal, Square, or Stripe, and hence is likely not the best answer for individuals who process less than $2,000 per month at this time.
GabPay is also soon launching its app, a person to person payment network for instant money transfer from bank accounts in the US.