Facebook Inc (FB) Messenger Now Allows P2P Payments In The UK

Facebook makes fintech move with UK launch of p2p payments via Messenger feature

Whether you're sending someone money for your share of the check, or you're splitting a group gift, payments in Messenger is super convenient.

Facebook Inc (NASDAQ:FB) just brought a much-anticipated feature for its ultra-popular Messenger chat app to one of the world's largest economies.

This is the first time Messenger has extended p2p payments since launching in the U.S.in 2015 and since then, p2p payments in Messenger have been widely used to make life more seamless.

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. 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.

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.

Marketplace has helped propel Facebook's stature as a last-click social commerce site, with almost 48% of social media users in the USA reporting they made their most recent purchase from Facebook, according to a recent Open Influence study, putting the platform ahead of Instagram, YouTube and Pinterest.

Sending and receiving dosh with Messenger sounds like a dawdle, according to Facebook's instructions.

Additionally, Messenger P-to-P can only be linked to a debit card, and while the transaction occurs instantly, the settlement of funds can still take 1-3 business days depending on the connected financial institution.

Before this change was introduced you could only send £250 ($328) at a time to friends in the same country as you, but Facebook hopes that people can eventually use the feature to pay businesses too.

You will also need to link your debit card to Messenger if you'd like to receive money from your friends - and who wouldn't? "Finally, Messenger payments are offered as a regulated payment service, meaning they're directly subject to consumer protection requirements". The new payments feature will compete against a growing number of P2P payment apps like Venmo, Paypal, and several others.

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