Facebook doesn't now charge a transaction fee for Messenger payments, but integrating a mobile pay feature on its core site could open the door for collecting one as an added revenue stream.
The new feature even comes with an assistant, created to make sending money even simplerHas Facebook Messenger payments launched in the UK?
What is this glorious new feature we hear you say?
British Facebook users can now send money to each other through the social network giant's Messenger app. This was not an issue when the service launched exclusively in the U.S.in 2015, but it could be a major pain point in Europe, where borders are less of an obstacle to social connections.
"More and more people are having conversations on Messenger about paying one another". 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 receiving cash, a card only also needs to be added the first time also.
Finally! Somewhere we can send and receive money without signing into our banking apps first. In order to send or request money, users can click on the payment option that appears in the messenger.
The Messenger payments system is simple to figure out.
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.
A limit of £10,000 worth of transfers every 30 days will be established for the service to prevent fraud although experience from the United States, where the system has been in place since 2015, suggests the majority will use it to transfer sums of £38 or less. The new payments feature will compete against a growing number of P2P payment apps like Venmo, Paypal, and several others.