Facebook is reportedly looking to push into the payments space with its own cryptocurrency. If successful, such a move could replicate China's massively popular WeChat, but striking gold could be a tall order for the social networking giant.
The U.S. firm is developing its own digital currency, known as the Facebook Coin, which would be pegged to the U.S. dollar and allow users to transfer money through Facebook-owned messaging application WhatsApp, according to Bloomberg.
While Facebook is reportedly going to focus on the remittances market in India first, analysts said that it could be a precursor to the company stepping up its offering in payments, a move which could be a $19 billion revenue opportunity, according to Barclays.
WhatsApp was acquired by Facebook in 2014 in what was the company's largest acquisition ever. Since then, it has largely focused on messaging and a few social features. It's the largest messaging service in the world with 1.5 billion monthly users.