Analysis of the Prospects for Facebook’s Project Libra

Karen Webster of PYMNTS.com writes that Facebook’s new global crypto-based payments system, dubbed Project Libra, is reminiscent of a failed initiative from a decade ago called Facebook Credits; she thinks that Project Libra will face a similar fate; creating a “big-bang innovation” like this one, where everything must change at once, is no longer considered realistic in the world of payments; consumers are in charge so merchants will follow the consumers lead and consumers have already said they trust their banks and card issuers as well as intermediaries like Amazon, PayPal and Alipay; Websters writes, “Great ideas that are too late in the cycle simply won’t ignite, because change creates friction – particularly when that change doesn’t solve any problem for a consumer or business.” Source.

  • Peter Renton is the chairman and co-founder of LendIt Fintech, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.

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