Facebooks payment method is supported by the big boys: Visa, Mastercard and PayPal are participating

facebook libra

Facebook Libra unexpectedly receives support from Visa, Mastercard and PayPal. The three companies each invest 10 million in the new payment project.

Facebook has been able to convince the big guys Visa, Mastercard and PayPal to invest ten million dollars in its new payment method ‘Libra’. Last week we wrote that the American internet company would come out with a new payment method on 18 June.

Today we know something more. The Wall Street Journal today announces that the group of 3 payment giants are going to pay $ 10 million to be at the basis of the new payment method. As mentioned earlier, Facebook will set up a separate organization called ‘Libra Association’ for its new currency, so that it can circumvent certain legislation concerning banks and therefore has to pay less costs and comply with rules.

Pay on Instagram

We suspect that Facebook will use its new Libra for payments within its own apps such as Instagram and Whatsapp. The first in particular is very interesting, since the internet company has been making an e-commerce platform for some time with the photo sharing app. It would therefore not be surprising that you will soon be purchasing the products of your favorite influencer via Facebook’s Libra.

In the meantime, there is a lot of speculation that the new payment method would look a lot like cryptocoins such as ethereum or bitcoin. However, those are details that are completely unknown. So just wait until Tuesday (June 18) next week.

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About Shawn Morrison 242 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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