Facebook launches money transfer service

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

In February, worldwide money transfer service TransferWisebuilt a "bot" for Messenger, letting its users send money to each other through the platform.

Some people may be cautious about allowing Facebook to further ensconce itself in their daily lives, as many already believe the company has a monopoly on a vast range of online interactions we all carry out on a regular basis, but others may view it as a handy and convenient tool.

It's a win-win situation: Facebook continues its relentless quest to take over the universe, and you'll eventually get to recklessly blow all your money on shite while you're drunk - without needing to change service.

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

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. When receiving cash, a card only also needs to be added the first time also.

"In the USA most people use payments in Messenger to send less than $50 at a time", said David Marcus, head of Facebook Messenger.

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

The service, which first launched in the United States in 2015, is coming to the United Kingdom as the first stop in its worldwide rollout, a decision made because apparently, we are "mobile-savvy consumers".

Is Facebook Messenger payments free? And there are certain complexities to cross-border payments that Facebook is wise not to confront right away.

Facebook said the system is encrypted. "Finally, Messenger payments are offered as a regulated payment service, meaning they're directly subject to consumer protection requirements".

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