Following the chaos, the social media giant is looking to enter the payment space with its own cryptocurrency. If it accomplishes optimistic results out of it, it might replicate one of the features of China’s top and most popular app, WeChat.
The US-based firm taken over development for creating its own digital currency, named as Facebook Coin. The digital currency will be pegged with the US dollar and enable money transfer via WhatsApp, which Facebook owns, as per Bloomberg.
While Facebook focuses on the remittance market in India, analysts said it may be a precursor to increasing payout, which could mean a $ 19 billion revenue chance, according to Barclays. WhatsApp was acquired by Facebook in 2014 as part of the company’s largest acquisition. Since then, it has focused mainly on messages and some social functions. It is the largest messaging service in the world, with 1.5 Billion monthly users.
Facebook is also faced with fierce competition in markets where WhatsApp is popular. In India, for example, Paytm, backed by Ant-Financial, is one of the most important players in the payment segment. The US technology giant will also have to persuade users to trust it, which may be complicated owing to the 2018 privacy scandals.
“I assume Facebook Coin might have drawback with its intention to enter in payment segment on the grounds where the company still maintains a distrust relationship with many users, a survival boost from the 2018 scandal. Trust is essential to platform scalability and the achievement of new features said the head of technology, media, and telecommunications research at Valeurs Mirabaud, Neil Campling.
Peeking into some of the other developments right in the labs of Facebook, the social media giant is working to make VR avatars so realistic that it could be perfect look-like for your personality.
Norma Russell is a proficient entity from the Technology field. She completed Master’s Degree in Computer Science and Technology. She was engaged in the formation and administration of computational systems in her previous firm. She is associated with Industry News USA from last 2 years. Due to her command over the technology field, she has become the head of the Technology section in very less time period. “Latest gadgets” is the thing that attracts Norma the most.