Visa and Mastercard drop out of Facebook’s Libra project

Consumer

FILE – In this March 29, 2018 file photo, the Facebook logo on a screen at Nasdaq in Time Square, New York. Facebook and its partners have asked financial authorities in Switzerland to evaluate their plan to create a new digital currency called Libra. Facebook has said a nonprofit association headquartered in Geneva would oversee Libra, putting it under Swiss regulatory authority. The Swiss Financial Market Supervisory Authority said Wednesday, Sept. 11, 2019 the Libra Association has requested an “assessment” of its plan. (AP Photo/Richard Drew, file)

NEW YORK (AP) _ Visa and Mastercard are dropping out of Facebook’s Libra project, a potentially fatal blow to the social network’s plan for a worldwide digital currency.

Along with the two payment giants, several other large companies have announced their departure from Libra. Payment processing company Stripe said it was stepping back, as well as online auction company eBay.

PayPal was the first of Libra’s big partners to exit, announcing last week it would no longer be involved.

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