Rumor: Facebook will release its own payment method this month

Facebook would like to launch its own payment method later this month. The cryptocurrency would be in the hands of a foundation that, according to Facebook, should consist of several tech companies and banks.

By handing over control to a foundation, Facebook hopes to avoid problems with regulators, The Information reports based on conversations with several people within Facebook. Other companies and banks can buy in for ten million dollars, after which they serve as a node for blockchain currency with hardware and software. It will probably be called Libra.

The payment method is mainly intended for countries where the national currency is not so stable or bank accounts are not widespread. Users of Facebook services such as Messenger and WhatsApp should then be able to transfer money easily to each other. There must also be physical ATMs and retailers receive a bonus if they accept Facebook’s payment method.

Facebook will not charge transaction fees. It is not yet clear how the social network wants to earn money from the payment method. Facebook CEO Mark Zuckerberg said at F8 developer conference that he thought sending money should be as easy as sending a photo. The company has not confirmed or denied the rumors.