08 November, 2017
What is this glorious new feature we hear you say?
Facebook's David Marcus explained today on Facebook, "With Messenger P2P, it's fast, easy and secure to send and receive money".
Are you excited by being able to make payments via Facebook Messenger?
According to a BBC report, Facebook chose the United Kingdom as its first region outside of the U.S. for its Messenger payments rollout as the country has so many "mobile-savvy consumers".
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. Additionally, Apple has its own Venmo-like money transfer service in the works that's due to be released sometime this fall.
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Facebook has reportedly launched its money transfer service in the UK.
What is Facebook Messenger payments?
When users want to transfer money to a friend they simply tap on the new payments icon and add the amount to be transferred.
Once you've done this, tap Pay and add your debit card. It may take one to three business days to make the money available to the recipient depending on their bank, just as it does with other deposits. They link their account to their debit card and can request payments to friends in seconds by messaging them and entering... Facebook has a greater opportunity to monetize its service with additional revenue streams aside from advertising, including subscription fees for publications, earning a commission on payments and charging users to list products for sale in the Marketplace section.
Other firms in the US market include Square, which lets users swap money via its "Cash" app, and Paypal, which acquired payment service Venmo.