Science

Facebook banks on Messenger peer-to-peer payments success

Facebook banks on Messenger peer-to-peer payments success

Facebook Messenger chief David Marcus, said: "While it's simple for people, it's been complicated in the background, it's taken a lot of work contractually but what we found in the United Kingdom is the banks are excited".

To use the feature, Facebook Messenger users need to enter their debit card details into the app, this then enables them to instantly transfer money via a message.

Facebook's David Marcus explained today on Facebook, "With Messenger P2P, it's fast, easy and secure to send and receive money". However, all the major banks and credit card companies are taking part.

Sending and receiving dosh with Messenger sounds like a dawdle, according to Facebook's instructions.

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You could use a peer-to-peer payments service to send that friend money, which is handy if you never have cash on you. Facebook Messenger also lets you send payments through PayPal and introduced a group payment option earlier this year. The functionality of Facebook Messenger P-to-P does not cross borders - a U.K. Messenger user can not send funds to a French recipient and vice versa. From here, users set up their payment account - if it's their first time using the feature - and enter the amount they want to pay.

"The fact that you have to click and from there set up your account and from there pay someone doesn't scream mass adoption to me", fintech expert and co-founder of consulting firm 11FS Simon Taylor told City A.M.

Facebook says money will be transferred right away, but may take one to three business days to become available, "depending on the person's bank".

And while it already features everything from locations to safety alerts, users of the Messenger add-on on their phone will soon also be able to send money via the app. According to recent survey of almost 4,000 USA consumers by 451 Research, just 1% of them had used P-to-P payments in Facebook Messenger - less than Venmo, Square Cash, Google and FI payment solutions such as Zelle.


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