Payments News
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Fed to Hold Facebook’s Crypto Coin to ‘High’ Bar: Powell

“The U.S. Federal Reserve is looking carefully at Facebook’s planned cryptocurrency Libra, and will hold it to high standards regarding protecting consumers and regulation, Federal Reserve Chairman Jerome Powell said on Tuesday. “Libra’s a new thing; we are looking at it very carefully,” Powell said in response to an audience question after a talk at […]

On The Web

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Facebook in Talks With Banks About Mobile Payments in Africa

“Facebook is in talks with financial institutions about possible mobile-payment collaborations in Africa, says Carolyn Everson, a vice-president at the social networking group. In 2018, Absa partnered with Facebook’s popular WhatsApp messaging platform to launch the world’s first chat-banking service. The platform lets customers make peer-to-peer payments or pay utility bills, among other features. “It’s […]
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Companies

Instagram’s fundraiser stickers could lure credit card numbers

“Mark Zuckerberg recently revealed that commerce is a huge part of the 2019 road map for Facebook’s family of apps. But before people can easily buy things from Instagram  etc., Facebook needs their credit card info on file. That’s a potentially lucrative side effect of Instagram’s plan to launch a Fundraiser sticker in 2019. Facebook’s own Donate […]
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Companies

Facebook’s Blockchain Team Said to Be Assembling Its Own Mini-PayPal Mafia

“The inner workings of Facebook’s blockchain team are still shrouded in secrecy, but it’s staffing up, according to people familiar with the group. Those people said that its product, which Bloomberg earlier reported will be a type of cryptocurrency, could be announced as soon as next quarter. Launched last May, Facebook’s blockchain unit now counts […]
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Companies

Data Factories

“Facebook and Google — the two Super Aggregators — make money through ads, and advertisers come to Facebook and Google because they want to reach consumers. From an advertiser perspective users — or to be more precise, access to users’ attention — is a product they are absolutely paying for.”
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Companies

Facebook’s Cryptocurrency Partners Revealed—we Obtained the Entire List of Inaugural Backers – The Block

“Facebook has been quietly building out its cryptocurrency for over a year, and it looks like that time has been well spent, enlisting the support of some of the most prominent companies across payments, retail, and technology. As recently reported by The Wall Street Journal, Facebook’s cryptocurrency will be governed by a consortium of firms […]
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Companies

Regulators Have Doubts About Facebook Cryptocurrency. So Do Its Partners.

“One of the biggest selling points of Facebook’s ambitious plans for its new cryptocurrency, Libra, was that the social media company had 27 partners, including prominent outfits like Visa, Mastercard and Uber, helping out on the project. But some of those partners are approaching Libra warily. They signed nonbinding agreements to join the effort partly […]
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Companies

Banks Stay on Sidelines for Facebook Coin After Apple Pay Struggle

“The Libra Association, the governing body for the coin, is in talks with lenders around the world to join its ranks. Banks are mostly keeping their distance after seeing tepid consumer reaction to digital wallets such as Apple Pay and regulatory scrutiny of digital currencies.    “If Facebook is able to create mass adoption on […]
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Companies

House Lawmakers Officially Ask Facebook to Put Libra Cryptocurrency Project on Hold

“House Democrats are requesting Facebook halt development of its proposed cryptocurrency project Libra, as well as its digital wallet Calibra, until Congress and regulators have time to investigate the possible risks it poses to the global financial system . Rep. Maxine Waters (D-CA), the chairwoman of the House Financial Services Committee, hinted at a move […]
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Companies

Facebook Forms Swiss Fintech Firm With Payments Focus

“Facebook has set up a new financial technology company in Switzerland focusing on blockchain and payments as well as data analytics and investing, Geneva’s commercial register shows.  Libra Networks, with Facebook Global Holdings as stakeholder, was registered in Geneva on May 2 to provide financial and technology services and develop related hardware and software, plans […]