Facebook Aims to Build Blockchain-Based Payment Systems

Facebook Aims to Build Blockchain-Based Payment Systems

Facebook is secretly building cryptocurrency-based payment systems. If you are a business owner or are an internet savvy person, you probably have come across this recent buzz. Although it might not seem that the two separate industries are connected, there is a strong relationship between cryptocurrency and social media.

You will agree that social media plays a critical role in the success of many tech trends and software ideas. Many social media platforms are striving to improve the payment methods to ensure the privacy of their users, especially when it comes to financial transactions.

However, before discussing the plan that the social media giant is working on, let’s have a glimpse of where the world is heading in regards to payment systems.

Cryptocurrency: The Future of the Payment Industry

It’s no secret that the trend of digital payments is steadily increasing across the world. Card technology, contactless payments, and the emergence of a new cashless system are transforming the way businesses, and individuals conduct financial transactions.

However, the ongoing competition in the financial sectors, the integration of new payment methods, and the changing demographics are playing a crucial role in transforming the payment industry.

That being said, the concept of cryptocurrency is not so old; a large number of entrepreneurs and established businesspeople have been investing in cryptocurrency.

Not to mention, this decentralized digital currency is capturing the attention of a majority of investors this year. When it comes to investing in cryptocurrency, it’s almost the same as investing in stocks or bonds.

The only difference is that when you purchase company shares, you own a piece of that business. However, when you invest in cryptocurrency, you don’t own a share of the business. In fact, you will make a profit when the price of the currency goes up.

Now that you know how the recent payment trends are shaping the future, it’s a perfect time to invest your money in ATM kiosks that allow cashless payments. If you are wondering where to find such modified machines, then MOBILEMONEY is a platform where you can get high-tech ATM devices.

Not only this, you will find that their ATM units offer several payment options, including RFID service. The latter term refers to a new payment method that is integrated with POS FWsoftware that allows fast and reliable digital transactions.

Facebook and Cryptocurrency-based Payment System

While Facebook has been secretive about what it is working on, the Wall Street Journal has revealed that the most prominent social networking service is quietly working on digital payment systems.

The social media giant has held conversations with several online merchants and financial companies to introduce a new payment system for users and businesspeople alike.

According to WSJ, Facebook seeks approx. $1 billion in investments and has reached out to high profile players in the blockchain industry, including First Data Corp., MasterCard Inc., POS platform, and Visa Inc.

However, the New York Times has unveiled that Facebook has been continuously working on improving their payment plan while conducting careful scrutiny for alleged privacy violations. Although the officials at the social media company have declined to comment on the details of the report, they confirmed the buzzing news about virtual payments.

Also, a spokesperson from Facebook confirmed that the company is exploring different ways to leverage the new payment technology. Not to mention, in February 2019, the social media giant acquired a tech team from the cryptocurrency startup Chainspace.

Final Thoughts

Like many other social media platforms, Facebook has recently been discussing with dozens of financial companies and merchants its plan to introduce blockchain-based payment system. This will allow users and business owners to make payments through cryptocurrency on the biggest social media platform.

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