In March 2015, Facebook announced its P2P payments system was going live on Messenger for users in North America, in an effort to tap into the payments market by integrating the functionality into the pre-existing Messenger App. Now, the social giant is bringing the same functionality to the United Kingdom, marking the first time the service has launched outside of the US.
"In the USA most people use payments in Messenger to send less than $50 at a time", explainedhead of Messenger, David Marcus, reports Bloomberg. It's a convenient and secure way to send and receive money right in Messenger threads - making it fast to send money to friends without leaving a conversation.
David Marcus is the head of Messenger at Facebook and a senior executive there. 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.
When users want to transfer money to a friend they simply tap on the new payments icon and add the amount to be transferred.
Because, let's face it, having to pay someone money is a little annoying when you have to set them up as a payee first and then use the app to transfer the money.
From there, users can tap the Pay button and add their debit cards.
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.
As reported, to send or receive money, a user has to add his or her debit card details which will become the payment account. 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. The new payments feature will compete against a growing number of P2P payment apps like Venmo, Paypal, and several others.