Facebook Will Look to Become the Renowned Mobile Payments Leader as Monzo Looks to Rival FB
In a society where convenience is overly valued, mobile payments providers are greatly appreciated. We have Apple, who has been exposing their wallet, and there’s PayPal who seems to be working on their end to bring convenience as well.
Another established market in this respective industry is that of the Chinese, as tech firms like Tencent and Alibaba have gained popularity from many. Clearly, every country wants in on competition, while ensuring that they have their respective competitive advantage.
In a recent post shared by news outlet, Decrypt, social media platform, Facebook’s current goals of launching a potential cryptocurrency and serving within the mobile payments’ industry has been expounded upon.
As per the claims made, it will be a bumpy ride for Facebook considering the fact that their reputation as a whole has downgraded. In addition, the news outlet believes that current competition, i.e. payments provider, Monzo, could indirectly enforce hindrances for Facebook.
Currently, Facebook is planning to launch a stablecoin either dubbed “Libra Coin” or “Global Coin” reports the news outlet. Since they’ve acquired WhatsApp, the instant messaging app will serve as the exchange in which users can send and receive cryptocurrencies.
What competitive advantage does Monzo have over Facebook? As obvious as this may be, Monzo was not caught for using users’ private data like Facebook has for advertisement purposes. Decrypt referenced Monzo’s CEO, Tom Blomfield, who previously shared the support they’ve garnered from 1.5 million users was not through advertisement.
Another reason why many prefer Monzo is due their openness to get the people involved, which supposedly both banks and Facebook have been attracted to as well. It was noted that the name Monzo was chosen by customers, who also were given the opportunity to express ideas for possible features.
Such an approach has taken Monzo relatively high up the ladder, giving them the bragging rights as the British Bank’s 2019 Best Banking App.
What do you know make of Facebook’s entry into the cryptosphere and payments industry? Do you think their userbase is enough of a factor for them to succeed? Or will they struggle due to the fact that people might be more doubtful given possible privacy concerns? Share away!