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April 7, 2022

On the web

Facebook owner Meta targets finance with ‘Zuck Bucks’ and creator coins


“Meta has drawn up plans to introduce virtual coins, tokens and lending services to its apps, as Facebook’s parent company pursues its finance ambitions despite the collapse of a project to launch a cryptocurrency. The company, led by chief executive Mark Zuckerberg, is seeking alternative revenue streams and new features that can attract and retain users, as popularity falls for its main social networking products such as Facebook and Instagram — a trend that threatens its $118bn-a-year ad-based business model.”

March 30, 2022

On the web

January 3, 2022

On the web

Meta Aims for ‘deep Compatibility’ With Blockchain, According to an Internal Post.

The New York Times

“Meta, Facebook’s parent company, is aiming for “deep compatibility” with blockchain technology, according to an internal post on Tuesday from a top executive. In the note to employees, which was obtained by The New York Times, Andrew Bosworth, who will become Meta’s chief technology officer next year, laid out a vision for the social network to adopt and work with various blockchain or cryptocurrency technologies that have collectively become known as web3.”

December 3, 2021

On the web

Facebook Messenger Tests Split Payments Feature

Finextra Research

“Facebook Messenger is testing a feature called Split Payments that lets users share the cost of bills and expenses from within a group chat. To split payments, users will need to click the ‘Get Started’ button in a group chat or the Payments Hub in Messenger. From there, they can split a bill evenly or modify the contribution amount for each individual.”

November 4, 2021

On the web

Facebook Skirts Apple’s App Store Fees With Custom Subscription Links for Creators

The Verge

“Facebook has found a way to skirt Apple’s 30 percent tax on in-app transactions. On Wednesday, Mark Zuckerberg, the CEO of Facebook parent company Meta, announced that creators will soon be able to share custom web links directing their fans to pay them for subscriptions using Facebook’s native payments system. If a fan signs up through the link rather than Apple’s in-app subscription, the creator will keep all of the money minus taxes.”

August 26, 2021

On the web

Inside Facebook’s Plans for a Banking Super App

American Banker

“Facebook’s financial services chief says the social network is unbowed by the rush of companies into the digital banking market, even as its cryptocurrency and other ventures have yet to get off the ground. The public’s embrace of digital banking during the pandemic has drawn in new competition, which in turn will attract more consumers to the market and benefit all players, David Marcus said in an interview this week.”

August 18, 2021

On the web

Facebook Says It Wants a ‘fair Shot’ in the Crypto Payments Sphere.

The New York Times

“At the center of Facebook’s push into payments is Novi, a digital wallet intended for users to move money around the world quickly and cheaply (free, in many cases). The company had plans to pair it with a “stablecoin” cryptocurrency called Libra, but that was shelved amid regulatory scrutiny, and now the scaled-back project , known as Diem, is overseen by an outside nonprofit group seeking the necessary government approvals.”

August 9, 2021

On the web

Facebook Learns From Its Mistakes in Payments

American Banker

“A proprietary Facebook Credits currency fizzled many years ago, and the social media giant’s more recent attempts to spearhead development of the Libra global cryptocurrency bombed so hard that it had to change the product’s name. Consumer trust in largely unregulated social media platforms is weak, and Facebook is one of the least trusted of all major social networks, according to various surveys . But this time around, Facebook CEO Mark Zuckerberg is taking a slower and more cautious path to market, even if it takes years.”

June 30, 2021

On the web

How Facebook Is Banking On Visual Search To Get You To Shop More


Facebook is now looking to take online shopping to the next level with the use of AI-driven visual experiences. The social media giant introduced the Shop section in the Facebook app last year and brought something similar with the Shop tab on Instagram . So far, tools such as product tags and captions have further helped brands to highlight their products. Ads in product tags made things even easier for businesses to lead shoppers to a dedicated product information page and eventually to their digital storefront for a seamless online shopping experience.”

June 23, 2021

On the wires

New Ways to Shop for Products You Love Across Our Apps – About Facebook

“Today, we’re announcing new ways to shop across our apps, along with solutions for businesses to personalize shopping with ads, and investments in technologies that will shape the shopping experiences of tomorrow.  The way people shop has changed in the last few decades — from visiting malls, to buying online and now virtually trying on sunglasses from your couch. Commerce has been part of Facebook’s DNA for years, with retail brands using personalized ads to reach customers. Last year, when COVID-19 shut down local economies, we accelerated the launch of Shops to help businesses sell online.”

April 29, 2021

On the web

Facebook Needs Users to Shop, Not Drop

Wall Street Journal

“Facebook is still riding a pandemic high, with ads successfully driving impulse purchases of everything its users didn’t even know they wanted. But longer term it will need to become more of a destination for users to buy exactly what they know they need. On Wednesday, Facebook reported strong first-quarter revenue that handily beat Wall Street’s estimates, up 48% year over year. It also said it expected to see such a pace of revenue growth to continue, if not accelerate modestly, in the second quarter.”

February 16, 2021

On the web

Diem Stablecoin Prepares for Liftoff With Fireblocks Custody Partnership


“Crypto custodian Fireblocks and payments platform First Digital Assets Group are providing connectivity and support to diem, the global stablecoin and payments system formerly known as libra. Fireblocks and First are providing the digital plumbing to allow financial service providers such as banks, exchanges, payment service providers (PSPs) and eWallets to plug into Diem on day one, the companies said. Facebook unveiled the libra project in 2019 and almost immediately became embroiled in a whirlwind of regulatory blowback and governmental outrage. The project’s ambitious goal to create a private global stablecoin backed by a basket of fiat currencies threatened to unseat the high echelons of sovereign monetary policy.”

December 8, 2020

On the web

Britain’s competition regulator sets out new regime for tech giants


“Britain’s competition watchdog outlined a new regime for regulating tech giants such as Google and Facebook, saying it needed new powers to harness the full potential of digital markets and drive competition and innovation. It proposed a new, legally binding code of conduct, pro-competitive interventions in the market and enhanced merger rules, overseen by a Digital Markets Unit that was announced by the government last month.”

November 30, 2020

On the web

Facebook’s long-awaited libra currency to reportedly launch in a limited form early next year


“Libra, a new cryptocurrency being created by Facebook and others, could launch as soon as January but in a limited format, according to a report from The Financial Times, which cited sources familiar with the matter. The Libra Association, which has 27 members including Facebook, was planning to launch digital versions of several traditional currencies. But now it is reportedly only planning to launch a single coin backed by the dollar.”

October 23, 2020

On the web

Facebook adds hosting, shopping features and pricing tiers to WhatsApp Business


“It’s launching a way to shop for and pay for goods and services in WhatsApp chats; it’s going head to head with the hosting providers of the world with a new product called Facebook Hosting Services to host businesses’ online assets and activity; and — in line with its expanding product range — Facebook said it will finally start to charge companies using WhatsApp for Business.”

September 30, 2020

On the wires

An Easier Way to Manage Features That Work Across Our Apps

“Switching apps to post the same content or entering your credit card information dozens of times is a pain. We want to make that easier while giving you better controls to manage your experience. Whether you want to share a story to Instagram and Facebook at the same time, or use your Facebook account to log into Instagram, setting up your Accounts Center will allow you to control connected experiences that work across our apps.”

September 28, 2020

On the web

Apple Will Temporarily Stop Taking a 30 Percent Cut on Facebook Event Fees

The Verge

“Earlier this year, Facebook launched a new feature that let small businesses create paid online events . The company framed it as a way of helping organizations struggling with lost revenue during the pandemic, and said that because of the exceptional circumstances, it would not collect any fees on purchases for these events until August 2021. But the social network also stressed that any payments made on iOS would be subject to Apple’s standard 30 percent platform fees, noting this meant less money for small businesses.”

September 22, 2020

On the web

Facebook Says it Will Stop Operating in Europe If Regulators Don’t Back Down


“Facebook has threatened to pack up its toys and go home if European regulators don’t back down and let the social network get its own way. In a court filing in Dublin, Facebook said that a decision by Ireland’s Data Protection Commission (DPC) would force the company to pull up stakes and leave the 410 million people who use Facebook and photo-sharing service Instagram in the lurch.”

August 28, 2020

On the web

August 25, 2020

On the wires

Making It Easier to Shop and Sell on Our Apps

“Today we’re introducing Facebook Shop, a new place to discover businesses and shop for products in the Facebook app. Facebook Shop makes it easy for people to find products from businesses they love, discover new ones and make purchases, all in one place. We just started testing this in the US and we launched a complementary shopping destination on Instagram in July, called Instagram Shop , where people can discover and buy products from creators and brands, all in one place.”

August 10, 2020

On the web

Facebook Financial Formed to Pursue Company’s Payments Plans

Bloomberg (paywall)

Facebook Inc. unveiled a new group to pursue payments and commerce opportunities and put David Marcus, co-creator of its Libra cryptocurrency project, in charge of the initiative. Called F2 internally, short for Facebook Financial, the team will run all payments projects, including Facebook Pay, the company’s universal payments feature that it plans to build inside all of its apps. Marcus will continue running Novi, the division that is building a digital wallet to hold the Libra cryptocurrency. He will also be involved in WhatsApp’s payments efforts in countries like India and Brazil.”

July 16, 2020

On the web

June 30, 2020

On the web

Facebook, Cielo Ask Brazil’s Antitrust Watchdog to Reverse Decision on Payments Deal


“Facebook Inc and card acquirer Cielo SA have asked Brazil’s antitrust watchdog Cade to reverse the suspension of an agreement they struck paving the way for WhatsApp to roll out a new payments system, according to a document. Both companies argued that their agreement was not exclusive and allowed rival card acquirers to forge deals with the U.S. social media giant’s WhatsApp messaging system. They also said they did not operate in the same business and had merely entered a financial services agreement, saying that meant the partnership would not offer risks in terms of market concentration.”

June 15, 2020

On the wires

Mastercard Partners With Facebook to Enable Brazilians to Send and Receive Money Using WhatsApp

“Today, Mastercard announced the extension of its partnership with Facebook to offer a new and innovative way for Brazilians to send and receive money from friends and family on the WhatsApp application. Mastercard cardholders banking with Nubank and Sicredi are among the first in Brazil to experience payments on WhatsApp. Additional banking partners are expected to join the program soon. Leveraging Mastercard Send™, millions of WhatsApp users can now use their phones to simply and easily transfer money instantly (24 hours a day, 7 days per week)1 . As social distancing measures propel consumers to seek alternative, touch-free payment methods, consumers can use WhatsApp to transfer money and make and receive payments seamlessly, securely and in a contact-free way.”

Visa Partners to Launch Payments on WhatsApp in Brazil

“Visa Inc. today announced that it is working with Facebook to help power the new payments feature on WhatsApp in Brazil. With the addition of Visa’s trusted payment technology, WhatsApp users will now be able to swiftly and securely send and receive money to family and friends, and to make purchases from small businesses on the popular global messaging service. Payments on WhatsApp are made possible by tapping into the capabilities of Visa Direct, Visa’s real-time1 push payments technology, and Visa Cloud Tokenization, Visa’s new cutting-edge security capability that launches today in conjunction with payments on WhatsApp.”

May 26, 2020

On the wires

Welcome to Novi

“Today, we’re excited to introduce Novi — the new name and brand for the digital wallet that will help people send and hold Libra digital currencies. While we’ve changed our name from Calibra, we haven’t changed our long-term commitment to helping people around the world access affordable financial services. Whether you’re sending money home to support the family members who supported you, or you’re receiving money from your friends no matter where they are, the Novi wallet will make money work better for everyone.”

May 15, 2020

On the wires

The Libra Association announces new members

“The Libra Association, an independent member organization, is pleased to announce the addition of three new members, Temasek, Paradigm and Slow Ventures. The design of a blockchain-based payment system that supports responsible financial services innovation and inclusion for billions of people requires a diverse set of members in different industries, geographies and sectors to help catalyze development over the long term.”

April 22, 2020

On the wires

Facebook Invests $5.7 Billion in India’s Jio Platforms

“One focus of our collaboration with Jio will be creating new ways for people and businesses to operate more effectively in the growing digital economy. For instance, by bringing together JioMart, Jio’s small business initiative, with the power of WhatsApp, we can enable people to connect with businesses, shop and ultimately purchase products in a seamless mobile experience.”

April 20, 2020

On the web

Facebook, Three Indonesian Firms in Early Talks for Mobile Payment Approval


“Three Indonesian digital fintech firms are working with Facebook Inc to apply for regulatory approval to launch mobile payments in the country, an official at the financial regulator said. The plan, if approved, could be among the first such service under the social media firm’s unified payment service Facebook Pay it unveiled in November, through which users across its various platforms including WhatsApp and Instagram can make payments without exiting the app.”

April 16, 2020

On the web

Facebook’s Libra Cryptocurrency Gets Revamp in Response to Backlash


“Facebook’s planned cryptocurrency Libra will be linked to individual national currencies and overseen by global watchdogs in a scaled-back revamp it hopes will win regulatory approval.  The prospect of Facebook’s 2.5 billion users adopting Libra has led to intense scrutiny from global regulators, with many worried its launch could erode national control over money. Libra’s governing body, which is seeking the go-ahead from Switzerland’s markets watchdog, said on Thursday that it will now offer “stablecoins” backed by single currencies, as well as a redesigned token based on these currency-pegged coins.”

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