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Imagine this situation: you sell online courses. FB says hey, users can pay directly via Libra thus streamlining checkout to a few clicks. Now Facebook takes a
by mrhappyunhappy 7y ago
Imagine this situation: you sell online courses. FB says hey, users can pay directly via Libra thus streamlining checkout to a few clicks. Now Facebook takes a cut of every transaction. If I were PayPal I’d be very scared.
- tshanmu 7y agoPaypal is also part of the libra foundation and they operate nodes - so they might also take a cut. FB has done something clever by coopting most of the bigincumbents - Paypal, VISA, Mastercard, PayU and even stripe! edit: corrected typo
- no1youknowz 7y agoExactly. I cannot recall the CNBC video right now. But one of the top guys of Libra was there and he said although the fee structure hasn't been worked out yet. Taking a cut on the partners side would be where fees are taken. So imagine the current status quo is that either paypal or visa/mastercard are the principle payment methods and they charge the current rates. But with libra, you still pay with paypal or visa/mastercard but using libra coin instead of fiat coin and % of the fee also goes to facebook. What I can't wait for. Is the raft of people who will be denied creating wallets. How many people have had their accounts frozen by Paypal, kicked off using Visa/Mastercard and even Stripe! Quite a few I can tell you. Think the situation will be different from Libra? Doubtful...