Facebook and WhatsApp Payments are Coming, Says Mark Zuckerberg
Mark Zuckerberg, the founder of the internet giant Facebook, has outlined the vision for his company in a blog post which mainly focused on secure and fast messaging.
While he noted that privacy-oriented messaging is the fastest growing element of online communication sphere, Zuckerberg also added that he “expects to be able to do things like payments privately and securely.”
The priority, he adds, is to focus on the fundamental element of online communication business – messaging. On top of that, the plans are in place to expand the area where people can interact, such as “calls, video chats, groups, stories, businesses, payments, commerce, and ultimately a platform for many other kinds of private services.”
Just a few days after Newconomy covered the story of major messaging giants, including Facebook, which are planning to roll out their own cryptocurrencies later this year, Zuckerberg touched on the idea of combining messaging and payments.
“You can imagine many simple experiences like this – a person discovers a business on Instagram and easily transitions to their preferred messaging app for secure payments and customer support,” he noted.
Facebook is working on a project to develop a cryptocurrency for their platform WhatsApp, with the aim of allowing instantaneous sending of coins to contacts on the platform.
By directly connecting payments and secure messaging, Zuckerberg all but publicly confirmed reports that WhatsApp will be used as the basis for new payment tools.
David Marcus, the person behind PayPal’s online-payments service, joined Facebook in 2014 as head of messaging. Now, he is expected to lead the team, currently consisting of around 50 engineers, working on the cryptocurrency project.
During the earnings call in January, Zuckerberg said that “business continues to grow.”
“We’ve fundamentally changed how we run our company to focus on the biggest social issues, and we’re investing more to build new and inspiring ways for people to connect.”
The potential for crypto-based payments used by the Facebook community is enormous as Zuckerberg noted that 2.7 billion people use Facebook, Instagram, WhatsApp or Messenger each month.