How Can Facebook’s Digital Money Impact the Revolution in Retail Payment Space?
The public is aware of the fact that all the giant companies that own the world’s most famous social networks have already explored the area of cryptocurrency, regardless of difficulties this market has been facing lately. Perhaps the most popular among the network, Facebook and Telegram, started creating their own digital money. How much can these big players affect the global acceptance of blockchain technology and the revolution in retail payment system?
Use the existing multi-million-customer base
The company has always had an affinity for the financial sector. In 2014, they recruited former President of PayPal, David Marcus.
Facebook is a social network that owns Whatsapp, Messenger, and Instagram. All these applications together create a consumer network of incredible 2.7 Billion people. You will find that such a social network is one of the most powerful means of gathering people in one place. By using its technology power, Facebook can create a payment method — digital money, where millions of users can transfer money from one end of the world to another, through the network, a revolutionary move.
Facebook introduces digital money into the mainstream
Digital money will be implemented as a way of money transfer by messaging services. This digital money (token) will be stablecoin, or the currency associated with the US dollar. Actually, it will be linked to more currencies, the Dollar, the Japanese Yen, the Euro. This way, it will be less attractive to speculation. Tokens will also have links with the Special Drawing Rights of the International Monetary Fund.