Master Card, Visa, others join PayPal to exit Facebook’s Libra



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Master Card, Visa, others join PayPal to exit Facebook’s Libra

Facebook Inc., the social networking behemoth headquartered in Palo Alto, California, had faced off a series of fatal blow over launch of its digital currency Libra on Friday, the 11th of October, following departure of a swath of payment processing companies ranging from credit card issuer Master Card and Visa Inc.

to e-commerce Goliath eBay Inc. However, the latest move of US-based multinational credit card issuer, Master Card and Visa Inc., came forth earlier on Friday (October 11th) shortly after eBay Inc. and Stripe Inc. had called off their involvement in Geneva-based Libra Association.

On top of that, Friday’s exile of a number of payment processing companies comes over the heels of a PayPal Inc. decision last week to exit Facebook Inc.’s digital currency project Libra, citing growing concerns from the financial policymakers across the globe.

Meanwhile, adding that the Foster City, CA-based American multinational card issuer, would continue to evaluate the prospects of Facebook Inc.’s digital currency, Libra, Visa Inc. said in a statement on Friday (October 11th), “Visa has decided not to join the Libra Association at this time.

We will continue to evaluate and our ultimate decision will be determined by a number of factors, including the Association’s ability to fully satisfy all requisite regulatory expectations,” remarking another fresh hit with a whiplash to Facebook’s Libra after Germany and Italy had pledged to block Libra from operating in Europe.