What is the Facebook cryptocurrency payment system and will it succeed?

[Leon Mathias]

[Ignatius Bose]

Facebook is building a cryptocurrency payment system, which has been in the works for more than a year. Code-named “Project Libra,” the digital coin will allow users to carry out purchases on Facebook and across the Internet and would be an alternative to existing cryptocurrencies like Bitcoin, according to sources. Facebook is said to be in talks with MasterCard, Visa, and payment processor First Data Corp. and is looking for investments of about $1 billion to develop the platform.

Although Facebook is the world’s biggest social networking site, analysts are uncertain if users would be keen on using the payment system, especially after leaks that Cambridge Analytica accessed close to 100 million profiles of Facebook users without authorization.

According to a survey carried out by MagnifyMoney in 2018, more than 90 percent of the 1,000 respondents contacted said they wouldn’t trust Facebook with their money, although the company is not new to a payment system. In 2015, it launched Messenger Payments but failed to disclose it to respondents, leading to about 80-percent of users not using the payments feature. But, the launch of a payment system this time around could be different for Facebook since a large number of people are now familiar with cryptocurrencies and even use them to carry out some of their online transactions. However, for the Facebook crypto payment system to succeed, the company would surely need to restore lost faith among its millions of users.    

[Donna Cornish]

That is still on the talks, but I wouldn't buy any of their coins. I had enough of them trying to control the whole world.

[Alexander Vaughan]

I'm not sure that I would want to use such a susceptible platform to do business through shady digital coins. I'm already overwhelmed with the money laundering that goes under the safe and anonymous heaven of an asset like Bitcoin to start with. I'm just a fan of classic payment methods where I know providers like maxpay.com will always have my back in every occasion or fraud attempt apart from the super low rates they have in every transaction. I don't see why Facebook needs to implicate in everything.

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