Facebook offers mobile payments in 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

Facebook is looking to roll out its Messenger payments service across Europe.

Facebook is leveraging its scale to muscle in on the banking sector by enabling peer-to-peer payments in the United Kingdom for the first time.

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.

Facebook will take the hit of a small fee issued by the card companies for each transaction processed but believes this to be a price worth paying in order to improve the utility of their service.

According to Facebook, money will be transferred right away but may take few days to reflect in the account of the receiver.

As reported, to send or receive money, a user has to add his or her debit card details which will become the payment account.

When users want to transfer money to a friend they simply tap on the new payments icon and add the amount to be transferred.

He said: 'Our research shows the top reasons for sending money include celebrations, social and festive occasions.

How does Facebook Messenger payments work?

Payments in Messenger are fast, free and secure.

Of course, Facebook may not be trying to build a global payments network out of just three countries, but the P-to-P endeavor highlights the disconnect between Facebook's social network and its money network.

Yes. Facebook said it does not charge people to transfer money and does not directly handle the money itself.

That said, most of these issues can be overcome by Facebook's sheer scale. Also, a pin can be enabled to allow money to be sent. Since Facebook owns WhatsApp, it has already fragmented its user base.

If that isn't a promising prospect to keep with you throughout the day, I don't know what is.

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