Facebook has finally released its peer-to-peer payment system, nearly three months after first announcing its creation. Users can quickly transfer money to each other through its Messenger platform.
In March, Payment Eye reported on the product’s release, with the payments feature being made available to desktop, Android and iOS users in the United States.
Initially being rolled out on a city-by-city basis, the technology was made available in select American cities including New York, Seattle, Austin and Portland.
MasterCard and Visa cardholders can link their details to their Facebook account to send money to a friend by pressing the new “$” in a chat. This opens a payment screen where users can type the amount they want to send. The service is only available to debit card holders as it minimises fraud and cuts out transaction fees.
iPhone users have an added layer of security when they make an online payment, using Apple’s TouchID to make a transfer. Former PayPal president David Marcus took to Facebook to announce the release.
‘‘We’re happy to announce that Messenger person-to-person payments are now available to everyone in the U.S.! Add your Debit Card and pay anyone on Messenger in a few taps. Money goes straight from your checking account to the recipient’s checking account. Easy and safe,’’ confirmed Marcus, who now serves as Facebook’s vice president of messaging products.
Whitepapers
Related reading
5 ways blockchain can change the cross-border payments landscape
Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries ... read more
The SME technology revolution | video
The UK is home to 5.4m micro SMEs that have fewer than nine employees, according to the House of Commons library. They ... read more
JP Morgan blockchain network showcases banks’ DLT progress
JP Morgan’s expansion of its blockchain-based interbank payments project signals that major banks are stealing a march on disruptors and startups by ... read more
Security a priority for EU’s INATBA blockchain taskforce
The European Commission’s new blockchain initiative, the International Association for Trusted Blockchain Applications (INATBA), should focus on quashing extant security concerns around ... read more
