So says Carolyn Everson, vice president of Facebook’s Global Business Group in this interview, and I believe her. After all, Facebook already created a new division called Facebook Financial, and operates multiple payment platforms including Facebook Pay, Instagram Checkout, and of course Diem.
It will be interesting to see if Facebook decides to put all of these payment eggs into the Diem basket, or instead grows these independent payment solutions more holistically:
“The payment tools make up part of a broader effort to improve the company’s services for small businesses, as they recover from the COVID-19 downturn and seek to keep up with the accelerated adoption of e-commerce, she said.
“You will continue to see us roll out new products and services, really with the goal of helping businesses not only replace the revenue that they have lost, but hopefully be able to add new revenue streams and find new consumers globally,” she says.
Facebook’s effort to create a global digital currency called Libra drew backlash two years ago from lawmakers in Washington D.C. and ultimately lost support from major payment companies that had backed the project.”
Overview by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group
