Could Libra, the Facebook-led cryptocurrency finally announced today, disrupt Visa and Mastercard?
On the surface, it sounds like the world’s dominant payment networks are in the crosshairs: The Libra Association, the non-profit, Facebook-led group of organizations behind the cryptocurrency, says it hopes to “create more access to better, cheaper, and open financial services.” Facebook founder Mark Zuckerberg has said sending money should be as easy to sending a photo.
Visa, Mastercard, and PayPal, however, are charter members of the Libra Association. Are they keeping their friends close and their enemies even closer? The association’s members will, after all, get an inside look at a major digital payment experiment involving the Facebook family’s more than 2 billion monthly users. (Here’s everything we know so far about the initiative.)