Facebook Launches Messenger P2P Payments Feature in The UK
- Author: Israel Montgomery Nov 08, 2017,
Nov 08, 2017, 0:37
The U.K.is the next market to have the service, after Facebook first launched the payments feature in the U.S.in 2015.
Some people may be cautious about allowing Facebook to further ensconce itself in their daily lives, as many already believe the company has a monopoly on a vast range of online interactions we all carry out on a regular basis, but others may view it as a handy and convenient tool.
Facebook's David Marcus explained today on Facebook, "With Messenger P2P, it's fast, easy and secure to send and receive money".
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Facebook commented that "Messenger uses people's authentic identities so people know who they are talking to".
Virtual assistant "M" is on hand to recognise when you and a friend are chatting about money - so if you type about your friend owing you money, M will pop up and remind you how you can easily send or receive a payment via the app. Transfer sums are limited to £2,500 at a time and there's a rolling 30-day limit of £10,000 in place.
What is Facebook Messenger payments? This opens the chat extension drawer, and the first thing you see should be a green "Cash" icon in order to send money without leaving the chat app.
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"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 began letting its users in the USA send cash to each other in 2015 but doesn't charge for its use. "Finally, Messenger payments are offered as a regulated payment service, meaning they're directly subject to consumer protection requirements". It may take one to three business days to make the money available depending on the person's bank, just as it does with other deposits.
Yesterday (6 November), the company announced it would be letting people outside of the United States send money to Facebook friends via Messenger for the first time.
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Other firms in the USA market include Square, which lets users swap money via its "Cash" app, and Paypal, which acquired payment service Venmo.