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newsmoments.net April 24, 2018


Facebook to make mobile payments service available outside US

08 November 2017, 12:37 | Antonio Miles

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

Facebook might soon let you send money using red envelope feature

Facebook gained an e-money licence in Ireland in December past year sparking speculation that it was eyeing a move into payments beyond home turf.

Facebook appears keen to highlight the security credentials of its P2P payment system, noting that debit card details will be encrypted and protected with bank level security.

This is the first time P2P payment is being made available to Facebook Messenger users outside the USA since being introduced more than two years ago.

All in all, the new service sounds deceptively simple, which means that we'll probably all be using it in no time at all.


Facebook's David Marcus explained today on Facebook, "With Messenger P2P, it's fast, easy and secure to send and receive money". Additionally, Apple has its own Venmo-like money transfer service in the works that's due to be released sometime this fall.

In terms of where Facebook users will be able to send cash, it looks like the United Kingdom will be the first non-US country Messenger Payments will be rolled out in. However, all the major banks and credit card companies are taking part.

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

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.


Since Google recently launched its wallet application, Tez, in India and considering the digitasation emphasis of the Indian government, we won't be surprised if Facebook brings the service to Indian shores too.

When it comes to sending a payment, all users need to do is tap the "new payments" icon and enter the amount that they wish to transfer to their pal.

So you'll be able to link when you sent over money to the relevant conversation with that person and also avoid the embarassment of having to chase them up for money if they owe you.




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