According to the reports of the Wall Street Journal on Thursday, Facebook is seeking support for the cryptocurrency payment service which is under development.
For the task of partnership, Facebook is involving in talks to the dozens of financial firms and e-commerce companies.
The attempt of Facebook is called internally as Project Libra.
The reports indicated that the users of Facebook will be rewarded with some fractions of digital currency in the form of cryptocurrency in exchange for the search of advertisement.
According to the information revealed in the reports of the Wall Street Journal on Thursday, Facebook to seek a partner for cryptocurrency payments plan. Facebook is under discussion with various financial firms and e-commerce companies to seek their support for the plan. The plan for the cryptocurrency payments is under work. As per the reports Facebook, social media company put into words with the numerous companies such as Visa, Master card for the partnership in the project, the project named for the Cryptocurrency payment internally as Project Libra.
The Payment Plan would include digital currency in the form of Cryptocurrency by making use of technology and pegged to the U.S. dollar. The user of Facebook will make use of the service to send money to one another using Facebook’s WhatsApp messaging service. Brief regarding the project was disclosed in the Bloomberg report of December and the current update by the Wall Street Journal regarding the payment plan of Facebook.
The wall street Journal on Thursday reported that Facebook is under work to recruiting e-commerce companies and the application to accept the currency from facebook. Facebook is up to some new plans for its user. The idea to earn a reward in the form of digital currency in the exchange for looking at advertisements is under consideration of social media company Facebook, says report. Involvement of the third party in the payment system will be made by Facebook. As currently, the third parties use Facebook log-in, similarly Facebook is also searching for the third-party websites to set the payment system.
Major attention of Facebook will turn its head to provide complete security and privacy. Mark Zuckerberg CEO of Facebook had talks on privacy as it can affect the future of Facebook. As the upcoming time for Facebook would involve payments and private commerce. Facebook can spend extra on the advertisers if e-commerce takes off on Facebook’s various apps to make the brand drive, says Zuckerberg. In case the payment plans initially succeed by use of Facebook payment feature, the company can also include new revenue streams from financial services to help the user.
“Payments and commerce are Facebook’s only way out from its freemium, advertisement business model”
Henry Liu is a former Facebook employee and also managing partner of YGC. He also works as an enterprise blockchain investment firm.