We look at (1) Facebook’s key financial products, (2) the ways in which Facebook poses a threat to incumbents, and (3) where incumbents can build, buy, and partner to compete.
With over 2.4B monthly active users worldwide, Facebook has built an advertising empire that earned over $55B in revenue in 2018.
Now, the social and messaging giant is plotting a global expansion in mobile payments aimed at driving more revenue per user.
To jump start its payments initiative, Facebook reportedly plans to hire more than 100 people in London and Dubai to build out WhatsApp Pay. Meanwhile, Facebook’s broader plans in financial services may hinge on its development of a digital coin offering that would allow users to transact with each other and make purchases both on Facebook and across the internet.