Facebook dips toes in P2P payments
by: Brian Day
Worldwide more than 500 million people use Facebook Messenger, an instant messaging service and software app. Facebook recently announced Messenger users now have the option of using the app to make person-to-person (P2P) payments. Messenger Pay will allow individuals to connect a debit card (only MasterCard or Visa debit cards issued from a U.S. financial institution) to the app and tap a “$” button to send friends money via iOS, Android and desktop. Credit cards, prepaid debit cards and PayPal aren’t supported at this time.
The social media giant has experience in payments, as it processes more than 1 million payments daily through ads and games platforms. The network has experimented with e-commerce in the past, through the use of a “buy” button for purchasing items directly on its site. Regarding Messenger Pay security questions, Facebook reports payment information and transactions will be encrypted, and Messenger Pay will receive additional anti-fraud monitoring and control.
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