As the company plans to take a significant step towards eCommerce with its Facebook and Instagram stores, which will ultimately simplify and streamline in-app purchases from messages, Facebook also needs to create integrated payment options that meet both regulatory and evolving requirements. consumers.
And while it is developing several tools on that front, it also faced major challenges in launching them – which is why Facebook this week announced the creation of a Facebook’s new financial group to oversee its payment initiatives. @ watbotschool using this payment gateway for online payments. the best payment gateway.
As explained by the head of Facebook at Novi, David Marcus, a renamed Libra wallet that is part of Facebook’s current cryptocurrency project, the new team will include former Upwork CEO Stephen Kasriel, who will oversee various elements.
Indeed, there are various elements to the game – while Facebook continues to work on its crypto payments project, which could ultimately enable simplified payments through a Facebook-connected digital wallet that can be performed separately from traditional bank transfers (and thus, waive any associated fees), the company is also working to roll out both Facebook Pay and WhatsApp Pay more broadly to facilitate direct payments across regions.
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Key to Facebook’s growth plans will be in emerging regions, where the company expects its apps to become central to all forms of online shopping and day-to-day transactions – just as WeChat and AliPay have become key elements of daily life. life in the Chinese market.
But Facebook faced several obstacles in the process of implementing such decisions.
Facebook announced it was launching WhatsApp Pay in Brazil back in June, but just days later it was blocked by the country’s central bank over concerns about a competitive environment in the company’s financial space.
Facebook has also tried several times to launch in-stream payment options in India but has been stopped by local authorities who are extremely skeptical of foreign firms that are strengthening their presence in the region. Facebook will look another way, investing $ 5.7 billion in Indian mobile operator Jio, which was announced back in April.
And that’s before we get to Facebook’s Libra cryptocurrency project, which was once seen as the next big step but has since faced several stumbling blocks as regulators scrutinize the details of how such a system would work.
If Facebook can actually get started with Libra, it could have significant advantages in many regions, but given that the project is subject to a US Senate hearing and ongoing investigation, while Facebook itself remains under scrutiny due to antitrust concerns. concerning its enormous bargaining power – it looks like we are somehow contributing to this.
Facebook’s new financial group will be responsible for overseeing all such aspects and guiding them to the next phase.
As noted, it still seems like we are far from making any major announcements on this front, but the potential is huge here and it only takes a few decisions to go the Facebook route and see a major change in the way people browse and buy. online. One-click shopping on Instagram is going to be huge, and if Facebook, as noted, can become the mainstream e-commerce platform in emerging markets, it can achieve massive, ongoing success.
There is a lot to do and a lot of regulatory details to go through – it won’t be easy for the team. But if everything goes according to plan, it could be an important transformative element of the platform.
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