Rumor Mill: Facebook to End Messenger P2P Payments; Will Blockchain Based FBCoin Replace It?
Massive social media channel Facebook announced they would stop allowing P2P payments via messenger in the UK and France come June. They are effectively closing the payment gateway in response to the creation of a new Facebook Coin cryptocurrency.
Users who’ve used the payment system in the past received a personal message in messenger app with information on the stop. Official date of the close is on June 15th, 2019, at which time only current transactions will be allowed to operate for completion.
Only payments will cease, donations and contributions will still be allowed through messenger.
#BREAKING Facebook is discontinuing P2P money transfers and payments within Messenger from 15 June 2019 pic.twitter.com/WRmpoVAGr6
— Matt Navarra (@MattNavarra) April 16, 2019
Anyone living in the United States can still use Facebook’s payment system to send and receive money.
Facebook had originally planned on releasing the system to the rest of the world, but because of a lack of efficiency and funding they’ve decided to close the doors on all payment operations outside of the US.
The close of Facebook’s payments could have something to do with the new Stablecoin they are soon launching. Facebook Coin is backed by the US dollar and will be released as soon as FB raises the investment funds of one billion dollars. There also said to be another coin Facebook is building that will target the Indian market.
Other platforms likely to use the token are the photo sharing system Instagram and WhatsApp, an encrypted worldwide messaging application. FB has also picked up Chainspace, a blockchain oriented company needed to initiate the creation of the Facebook Stablecoin.