Will we be seeing the “Pay with Facebook” option soon?

An Italian-language Facebook user noticed a new option on the social media platform that invites them to "Pay with Facebook" alongside an icon similar to Bitcoin. At the same time, rumors are emerging that the company has plans to enter the world of cryptocurrency by introducing the Facebook Coin.

However, no official announcement regarding the same has been made.

According to the Italian tech site Mobile World, the new payment option appeared on both – Android and iOS apps of Facebook for the users in Italy. However, no sightings have been reported in the UK, USA, or any other country of the world for the matter.

Mobile World findings reveal that the new payment system will be different from the Facebook Messenger Payment service that has been around for several years now. To use the new mode of payment, users will have to send a payment request and wait for it to be accepted rather than pay with a single click from their local bank accounts.

Speculation regarding Zuckerberg’s interest in cryptocurrency had been making the rounds for several years. In fact, rumors also suggest that the Facebook Coin Currency will be used on all its subsidiaries including WhatsApp. Analysts are also predicting that a secure payment gateway will bring a significant increase in the revenue of Facebook, as much as $19 billion by 2021.

A report by CNBC suggests that with the new cryptocurrency model, Mark Zuckerberg wants to emulate the Chinese app WeChat. The app uses the WeChat Pay model that allows the residents of China to purchase goods and services all over the country using a simple QR code on their phone. This is something Facebook wishes to mimic, especially in markets like India where WhatsApp is the dominant chat app.

Unfortunately, the biggest challenge faced by Facebook is the general lack of trust. If the users are skeptical about trusting the leading social media platform with their data, they are unlikely to trust it with their hard-earned cash.

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