Mark Zuckerberg studies Cryptocurrencies for Payment Transactions

Nishanth Shetty

Nishanth Shetty

January 5, 2018 6:29 am

Mark Zuckerberg studies Cryptocurrencies for Payment Transactions | Coindelite News
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Cryptocurrency News

Mark Zuckerberg, Facebook CEO has described his interest in cryptocurrency and its potential uses in his 2018 mission statement, issued on Thursday.

The statement was all about how Zuckerberg is taking on a new personal challenge for 2018 on fixing the Facebook. (Last year’s challenge that he had was to visit all states those he had never been to and meeting new people out there.)

Zuckerberg noted that the cryptocurrencies are only in passing as an example of technology that decentralizes the power. But the concept can also help Facebook catch up to Asian messaging competitors when it comes to mobile payments.

In China, it is very easy to make payments through WeChat Pay and AliPay which is making the cash old. In China, beggers seek mobile payments to their accounts using QR codes instead of seeking spare change.

According to research from finance industry consortium CGAP, Alibaba and WeChat hold an estimated 92% of the market share for mobile wallets in China, which has an estimated 500 million mobile payment users. The rest of the world has some 556 million mobile money accounts.

By reverse, Facebook’s payment features haven’t really launched yet.

By using Facebook payments, users can link their Messenger account to a debit card, and pay friends with a quick message, or make an e-commerce purchase via Messenger and Marketplace on Facebook.

Coinify CEO and co-founder, Mark Hojgaard, says:

“A tech firm helping businesses accept payments via crypto will definitely make sense for Facebook users globally to send some kind of token to each other. This could be currency or something else like points that you can redeem them for things within the Facebook ecosystem, like premium content.”

The Chinese government has already banned ICO‘s and forced the domestic cryptocurrency exchanges to close their shops. So, Facebook could get an early edge on its overseas competitors by moving fast to build a crypto wallet or issue a possible Facebook coin.

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