Send money to friends in Messenger

08 November, 2017, 00:36 | Author: Lorena Waters
  • Facebook makes fintech move with UK launch of p2p payments via Messenger feature

How does Facebook Messenger payments work?

The company doesn't charge users for the feature, and Facebook is one of a myriad of tech companies are trying to carve out a space for themselves within the global payments industry.

This is the first time P2P payment is being made available to Facebook Messenger users outside the US since being introduced more than two years ago. Converting just a small percentage of this base into users of P-to-P payments could be highly lucrative, particularly if the social network can enable cross-border remittance capabilities.

SOCIAL NETWORKING GIANT Facebook has launched its payment by Messenger service to United Kingdom users.

Facebook has reportedly launched its money transfer service in the UK. We've seen that in the USA, most people use payments in Messenger to send less than $50 at a time, and sending money in Messenger has become a part of everyday life for many.

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Facebook is looking to roll out its Messenger payments service across Europe.

M is a virtual assistant in Messenger, powered by artificial intelligence, and will recognise when you and a friend are discussing payments and gives an option to easily receive or send money. They link their account to their debit card and can request payments to friends in seconds by messaging them and entering...

Because the service is not a direct bank-to-bank offering, it is not part of the Faster Payment scheme, which could mean 1-3 days wait before money is in the recipient's account - though, we're assured it is not "simply resting in Facebook's account", Father Ted style.

WhatsApp is working on payments features for users in India, while in the same country Google has launched a mobile wallet product called Tez. The new payments feature will compete against a growing number of P2P payment apps like Venmo, Paypal, and several others.

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