Facebook Targets E-Commerce with Updated Instagram Shop

Facebook debuted a major redesign of its Instagram Shop platform, which had already been accessible from a button in the Explore tab but now offers more functionality. The new version of Instagram Shop will first be available in the U.S., with a global rollout “in the coming weeks” said the company. In Shop, consumers will find special collections, a “Suggested for You” section and curated offerings from Instagram’s @Shop account. A double arrow symbol means the user can buy the product without leaving the app. The move is seen as Facebook’s stronger push into e-commerce. Continue reading Facebook Targets E-Commerce with Updated Instagram Shop

Facebook Leads Creation of Tech Industry Advocacy Group

Facebook is a founding member of American Edge, an emerging political advocacy group. Because it is registered as a non-profit, American Edge can raise money and publish ads without disclosing its donors. “We’re working with a diverse group of stakeholders to help build support for our industry, and while we’re leading an effort to start this coalition, it’s one of many we are contributing to and supporting,” said spokesperson Andy Stone. The group, however, has not yet officially launched. Continue reading Facebook Leads Creation of Tech Industry Advocacy Group

China Launches Test of DCEP Digital Currency in Four Cities

The People’s Bank of China (PBOC), the country’s central bank, introduced a digital currency known as DCEP (Digital Currency Electronic Payment), which it said will share some features of bitcoin and Facebook’s Libra. It’s being internally tested in four large cities — Shenzhen, Suzhou, Chengdu and Beijing satellite city Xiong’an — aimed at improving its functionality and, in part, to prepare for the 2022 Winter Olympics in Beijing. The PBOC started its digital currency research in 2014. Continue reading China Launches Test of DCEP Digital Currency in Four Cities

Facebook Narrows Scope of Proposed Libra Cryptocurrency

Facebook and its partners pulled back their ambitious plans for the Libra cryptocurrency, which was unveiled last June as “a futuristic global money” that could be the foundation of a “new kind of financial system.” In the months since its June debut, the Libra project has encountered a range of obstacles and the scrutiny of regulators. The Swiss-backed Libra Association, citing global opposition to the project, now aims to create a payment network with coins tied to a local currency. Continue reading Facebook Narrows Scope of Proposed Libra Cryptocurrency

Big Tech Firms Pursue Financial Services Despite Setbacks

When Walmart started a bank in the early 2000s, states passed laws to ban branches and Congress drafted a law to ban retailers from opening banks. Almost ten years later, Walmart threw in the towel, with its president for financial services Jane Thompson vowing the company would never try it again. That hasn’t stopped Google from announcing it will begin to offer checking accounts next year. Uber wants to open Uber Money, a bank for its drivers (and perhaps riders) and Facebook debuted Facebook Pay. Continue reading Big Tech Firms Pursue Financial Services Despite Setbacks

Facebook Debuts Payments System For Its Platform, Apps

Facebook unveiled Facebook Pay, a system to enable payments across its own platform as well as Messenger, Instagram and WhatsApp. The user will be able to send money to people, shop and donate to fundraisers. According to the company, Facebook Pay, which is completely separate from the company’s newly released Calibra wallet and Libra cryptocurrency network, is built on “existing financial infrastructure and partnerships.” Facebook Pay for Facebook and Messenger will debut in the U.S. this week. Continue reading Facebook Debuts Payments System For Its Platform, Apps

Tech Giants Ramp Up Lobbying as Legal Probes Continue

As lawmakers investigate Amazon, Apple, Facebook and Google for antitrust violations, these tech giants are boosting their spending on lobbying. Amazon spent $12.4 million, a 16 percent increase. In the first nine months of 2019, Facebook spent $12.3 million, almost 25 percent more than the same period last year. Apple and Microsoft increased their outlay, by 8 percent and 9 percent respectively. Although parent company Alphabet reduced spending on lobbying by 41 percent, Google spent $9.8 million through September 30. Continue reading Tech Giants Ramp Up Lobbying as Legal Probes Continue

Libra Is Challenged by European Commission, U.S. Senators

Facebook’s cryptocurrency Libra has faced another setback, this time in the European Union, which plans to introduce legislation to prevent it from competing with Europe’s single currency. European Commission vice president Valdis Dombrovskis, in charge of regulation, said Libra is a systemic risk to the Euro, “both from the perspective of financial stability and the protection of financial investors.” In the U.S., two Democratic senators urged Mastercard, Visa and Stripe to reconsider their support of Libra. Continue reading Libra Is Challenged by European Commission, U.S. Senators

Facebook’s Libra Hit by PayPal Pullout, Apple Chief’s Roast

PayPal just pulled out of Facebook’s cryptocurrency initiative Libra, introduced in June. At the time of release, Facebook partnered with 27 companies, including Mastercard, Uber and Visa, as well as PayPal. Libra is designed to be used internationally within Facebook’s own properties, such as Messenger and WhatsApp. Apple chief executive Tim Cook described Libra as a “blatant power grab,” saying that currencies should be the domain of countries and added that Apple had no plans to launch its own digital currency. Continue reading Facebook’s Libra Hit by PayPal Pullout, Apple Chief’s Roast

New Cryptocurrency Planned by Messaging App Telegram

Social network Telegram is moving ahead with its plans to issue its own cryptocurrency, dubbed Gram, within the next two months. The 200 million to 300 million global users of its messaging app will also have access to Gram digital wallets. Telegram appears to have the same ambitions for Gram that Facebook has for its Libra cryptocurrency: as a way to move money worldwide. In early 2018, Telegram tapped $1.7 billion from prominent investors including major Silicon Valley venture capitalists to launch the fund. Continue reading New Cryptocurrency Planned by Messaging App Telegram

Lawmakers Grill Major Tech Companies in Antitrust Hearing

Republican and Democratic lawmakers excoriated tech giants Amazon, Apple, Facebook and Google this week on Capitol Hill. Chief among the critics were Senator Ted Cruz (R-Texas), who oversees the Constitution subcommittee, and Representative David Cicilline (D-Rhode Island) who leads an antitrust subcommittee. Although the companies acknowledged the upheaval their technology has created in many industries, Senator Sherrod Brown (D-Ohio) responded that, “every time Americans trust you, they seem to get burned.” Continue reading Lawmakers Grill Major Tech Companies in Antitrust Hearing

Facebook in Global Crosshairs for Privacy, Antitrust Issues

The Federal Trade Commission fined Facebook about $5 billion for privacy violations, but the sum is considered a slap on the wrist since it neither hurt the company’s bottom line nor limited its ability to collect data. But, since 2016, 43+ countries have passed or introduced laws regulating social media and the spread of fake news, and U.S., European and Canadian regulators have initiated investigations and proposed regulations that will likely be much more draconian. Congress is considering a federal privacy law. Continue reading Facebook in Global Crosshairs for Privacy, Antitrust Issues

Facebook Cryptocurrency Gets Backing From Major Players

Mastercard, PayPal Holdings, Uber Technologies and Visa are among the more than a dozen companies that have agreed to back Facebook’s new cryptocurrency, codenamed Project Libra. Each company will invest $10 million and be part of the Libra Association, a consortium to control the virtual currency, said sources. The invested money will fund the currency, which will be linked to a collection of government-issued currencies to make it more stable. Facebook has been developing the project in secrecy for over a year. Continue reading Facebook Cryptocurrency Gets Backing From Major Players

GlobalCoin: Facebook Expected to Debut Bitcoin Rival Soon

Facebook reportedly plans to release its GlobalCoin cryptocurrency later this month, and will hand over control of it to an independent foundation. GlobalCoin, which is intended to rival Bitcoin, is the fruit of Facebook’s development, linked to a project dubbed Libra in concert with financial and technology partners. GlobalCoin is likely to target developing countries with unstable currencies and will be pegged to the U.S. dollar. Facebook will purportedly integrate GlobalCoin on WhatsApp, Messenger and Instagram. Continue reading GlobalCoin: Facebook Expected to Debut Bitcoin Rival Soon