Lately everyone is trying, on the crypto-train jump – and now Facebook’s turn. Facebook’s attitude to crypto-currencies was not always as good as it is at the Moment. In January of 2018 Facebook ban view all crypto-related advertising, because they feared that their User could fall victim to scams in, in June, Facebook this ban lifted again, and allowed to be pre-approved ads for crypto. Facebook is not in trouble because they see themselves in the position to develop new products that keep your customers active on the page. This is evidenced by the fact that the company acquires competing firms or their characteristics, are copied. In addition, Facebook had difficulties to generate revenues from its recently acquired companies such as Instagram and Whatsapp. Due to the recent user data in scandals, and it looks financially in the case of Facebook is just not rosy, and the Social Media giant needs to create sources of income to make the shareholders happy.
Whatsapp has tried to In-App payments in India via the Payment Gateway UPI (Unified Payment Interface). This is because Whatsapp is not a licensed financial institution, and thus no control over the accounts or payments of the customer may have. The Bank accounts and the accounts of the users run on their Bank. Whatsapp only offers a platform to send money via UPI. India is the first country to introduce In-App payments with Whatsapp. Although there has been no official announcement, can benefit many users, the new feature with the latest Update. With a user base of 200 million, this new step could make Whatsapp actually number one in payment applications and the current market leader Paytm dethrone. To develop the potential step of Facebook is a own crypto-currency, could be a note on a possible future of Whatsapp as an All-in-One App.
The crypto-dreams of Facebook
Facebook is currently developing a crypto currency that is associated with the Whatsapp Messaging Service. This will free the user from the Annoyance at the use of banking services, since you only need the phone number of someone. Facebook is planning the introduction of Stable-Coins, in order to keep volatility as low as possible, especially in the case of a Bank Transfer is necessary. India stands in terms of both the number of Whatsapp users and the number of daily Transfers at the top. Currently, the cryptocurrency of a small Team, developed and is still far from a full publication. The 40 members strong Blockchain Department of Facebook is run by David Marcus, the former PayPal Executive, who came to 2014 to Facebook, in order to accept the leadership of the Messenger App. So far, Facebook has not yet made any definitive information as to the Details of the implementation, such as who would hold the Assets and to which currency the new crypto-currency should be bound. A Stable Coin is tied to the value of a traditional currency such as the Euro or Dollar, the Stable Coin itself has no value, unlike Bitcoin or Ethereum. A lot of questions, then maybe, then why crypto-currency instead of traditional currency used to be? Thus, the cost and the time required for the money transfer are to be reduced, compared to conventional currencies.
A Super App is an App that combines many functions. The best example is WeChat, the Chinese App. In WeChat you can share stories, or, for example, a plumber in order to make your sewer line repair, then pay, and then recommend them to your friends, that it can be booked if your waste line is broken. For all that you need to have the WeChat App has no second exit. WeChat represents a new class of Apps, Super-Apps. Although Super-Apps originate from China, try Western Apps now, to copy the essential features of these Apps. WeChat grew so strong that it has even drawn the attention of Silicon Valley. Even if WeChat is not taken in the immediate future in the Western markets, Facebook WeChat right in the eye, even if Facebook has taken over in the year 2014 Whatsapp for an amount of many billion dollars.
The West copied China
In Western countries, there are many concerns with regard to Super-Apps, especially in relation to the antitrust laws, which raise the question of whether the consumer will decide, all of your data to a single company. But with an In-App payment option can Whatsapp start to generate income and also start something like a Super-App. Whether it will take like Wechat, we have to wait and see.
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