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It’s a mystery to me why Meta / Facebook failed to integrate native payments into their products. They had 10 years and carte blanche to do it, but nothing happ
by ttoinou 2y ago
It’s a mystery to me why Meta / Facebook failed to integrate native payments into their products. They had 10 years and carte blanche to do it, but nothing happened. And what happened to Libra ?
- robertlagrant 2y agoI wonder if they'd be eyed by regulators for doing so, but yes, it does seem odd they didn't at least integrate Paypal or similar.
- ComputerGuru 2y agoLibra was shuttered due to feds saying “we have no legal reason to stop you but we still wish you to stop” and Zuckerberg (after some things we are not privy to) agreeing. There was a submission on this from an insider sometime in the past year. (IMHO: no loss to the world whatsoever.)
- paxys 2y agoThey do exactly this all over the world. Look at WhatsApp Pay.
- simonsarris 2y agoYeah that they do it globally but not in the US (other than a kind of meagre payment transfer on FB that used to exist) makes me wonder if they were bullied, federally, into not doing so.
- paxys 2y agoA simpler explanation is that US doesn't have the banking infrastructure to support these kinds of micropayments. ACH transfers take 3-5 days and require you to link a checking account. Debit & credit card transactions have high fees. Chargebacks/fraud are a constant problem. So no payment processor wants to take on this complexity and liability.
- Molitor5901 2y agoIt's not easy to form a bank, look at Walmart who has been trying for decades.