Payments via Facebook Messenger now available in the UK

08 November, 2017, 00:40 | Author: Archie Newman
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David Marcus is the head of Messenger at Facebook, and he explained that most people in the U.S. use the service to send less than $50 per transaction and it is mainly used during social situations. Now, the social giant is bringing the same functionality to the United Kingdom, marking the first time the service has launched outside of the US.

M is a virtual assistant in Messenger, powered by artificial intelligence, and will recognise when you and a friend are discussing payments and gives an option to easily receive or send money. Facebook has a greater opportunity to monetize its service with additional revenue streams aside from advertising, including subscription fees for publications, earning a commission on payments and charging users to list products for sale in the Marketplace section.

David Marcus, the head of Messenger, said introducing a tool to "socially" transfer small amounts of money had proved appealing.

You could use a peer-to-peer payments service to send that friend money, which is handy if you never have cash on you. When receiving cash, a card only also needs to be added the first time also. The top reasons for sending money include celebrations, social events and festive occasions.

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Facebook said the system is encrypted.

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. Facebook gained an e-money licence in Ireland in December a year ago sparking speculation that it was eyeing a move into payments beyond home turf. And there are certain complexities to cross-border payments that Facebook is wise not to confront right away. Also, a pin can be enabled to allow money to be sent. With these existing and entrenched habits for payment already in place, Messenger may have some difficulty in gaining traction.

When will Facebook Messenger payments be available?

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