Saturday, 18 November, 2017

Facebook Messenger P2P payments arrive in the UK

Facebook makes fintech move with UK launch of p2p payments via Messenger feature Facebook Messenger beats Apple and WhatsApp with this clever new payment feature
Garry Little | 08 November, 2017, 00:40

Payments in Facebook Messenger will be rolled out to everyone in the United Kingdom using the app over the coming weeks. He says of the development: "What we're trying to do is add utility to Messenger".

P2P payments first appeared in Messenger back in the USA in 2015. Some recent Messenger research has shown it's not just the transactional act of paying someone back, it's the emotional importance of doing so: Reciprocity fosters happiness and builds trust.

The money sent is transferred right away. The top reasons for sending money include celebrations, social events and festive occasions. "Finally, Messenger payments are offered as a regulated payment service, meaning they're directly subject to consumer protection requirements".

It's a convenient feature that saves you from the hassle of having to exchange bank details with people, save them and then carry out the transfer in a different app.

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.

Messenger uses people's authentic identities so you know who you're talking to. There are an endless number of situations you might find yourself in, where you need to quickly send money to a friend, or maybe even receive money from said friend.

In order to nudge users to begin using the payment option, Facebook is launching M suggestions, a virtual assistant which observes your chats and whenever the topic of sending money arises, M suggestions will pipe up and try to get you using Facebook's payment system. Red envelopes are traditionally used for gift-giving during holidays like Chinese New Year, but the payment service could be applied to any P2P payments.

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