Facebook is growing day by day!! To succeed with its new business model with private communications, the company must think of the way it handles content across its platform.
It will be good if they would develop a third-party app ecosystem around content . This is where financial services and payments are key to the ecosystem.
Facebook’s own Blockchain technology, will be great to handle these new services. Especially from Facebook private messaging to the transactions that take place across the platform.
Here, we’ll check how the company will succeed in this model and the implications for Facebook.
Facebook’s Secure Messaging Platform
In the United States, where credit card adoption is widespread, the Google and Apple app stores solve third-party app discovery and payment dispute. Consumers provide their credit card details to the app store and this information will be used across the app ecosystem.
Similarly like Google and Apple, Facebook’s secure messaging platform can also enable third-party apps to plug their services into and around the chat application. Thus, it would make services like blockchain-enable payments, accessible across the app ecosystem.
Moreover, Facebook can also leverage blockchain directly for financial services on the platform. Also, help ease online payments and other financial services.
Super Apps In Asia
The actual method for commerce in Asia is Mobile super apps. The super app companies make most of on the cash to digital and e-commerce trends in the region.
These Asian super apps solved the payment problem for mobile consumers because they offered consumers with easy ways to deposit money into their apps via cash and bank transfers because credit cards are not so dominant in this region.
Most importantly Asian super apps firmly established their markets long before blockchain and cryptocurrencies were broadly established. However, for new super apps to keep a firm step in the market, it would be good if they go into blockchain for payments and other financial services rather than building infrastructure from scratch.
Facebook & Blockchain-Based Payments & Services
Facebook’s secure messaging will be the next super app with the third-party ecosystem. Facebook’s blockchain-based payment service will offer customers to load funds into the new super app and use it for e-commerce payments and in-app payments, similar like the Apple and Google app stores in the developed world are used to make payments on the mobile devices.
But compare to others, Facebook by leveraging blockchain infrastructure and crypto exchanges, will have an added advantage.
The company can use its already massive user base in the region and solve the same payments problem by collaborating with regional crypto exchanges.
Facebook with Blockchain and crypto technology can scale in emerging markets and take away market share from existing providers. Thus, making Facebook new and fresh for users to use.