News Worms
News Worms


Send Money to Friends in Messenger - Now in Euros and British Pounds

Send Money to Friends in Messenger - Now in Euros and British Pounds

Facebook has also launched M suggestions for payments into the Messenger app, which uses artificially intelligent virtual assistant M to identify when payment is being discussed in a conversation and present options to send or receive money. Neither Square Cash, Venmo nor Apple Pay Cash are available to British users yet, where consumers are well used to mobile payments in general.

"'With P2P [peer-to-peer] payments, this paves the path to us enabling small and large businesses to accept payments inside of Messenger", said David Marcus, who leads Facebook's Messenger team.

But Facebook said it is taking "extra steps" to protect payment information in the new feature.

According to a BBC report, Facebook chose the United Kingdom as its first region outside of the USA for its Messenger payments rollout as the country has so many "mobile-savvy consumers".

Facebook started to facilitate payments between UK Facebook Messenger users yesterday.

The money is then instantly credited to the friend's account.

"More and more people are having conversations on Messenger about paying one another".

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

"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. When receiving cash, a card only also needs to be added the first time also.

Since Google recently launched its wallet application, Tez, in India and considering the digitasation emphasis of the Indian government, we won't be surprised if Facebook brings the service to Indian shores too. With these existing and entrenched habits for payment already in place, Messenger may have some difficulty in gaining traction.

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.

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