Facebook just joined the fintech payment war. While the Libra cryptocurrency is having problems getting off the ground, the firm launched Facebook Pay.
Now it is interesting to see what is happening in this field. After all, is Facebook a massive market place and is Instagram making large steps in the eCommerce war.
So the question is if this becomes a success. After all, is Apple pay to make large steps in this field and is Facebook under pressure from regulators on privacy.
Yes, I know it is insane. Politicians talking about your privacy.
Especial for small and medium-sized firms it is a great thing. Let people shop via social networks and get paid easier.
From a banking perspective, there is something else much more interesting. Will the banks be capable of surviving this? All those people who are on Facebook could simply decide to leave the traditional banking system.