Mobile payments are big business.
In the East, giants Tencent and Alibaba are warring over a trillion-dollar mobile payments market fuelled largely by ubiquitous use of mobile payments across China. So far, the West has been slow to catch up. Just 20 percent of people in the U.S. use mobile payments.
But, major companies are swiftly trying to jump on the bandwagon. Apple recently announced its Apple card, which will leverage a partnership with Mastercard and Goldman Sachs to get the ball rolling. PayPal-owned Venmo and Bank of America-backed Zelle are both thirsty startups building up networks of millions of customers.
And now a giant is about to step in. Facebook, with its 1.3 billion monthly active users (MAUs) on its messaging platform, is gearing up to launch its own…