Facebook launches money transfer service

Gwen Vasquez
November 8, 2017

"Finally, Messenger payments are offered as a regulated payment service, meaning they're directly subject to consumer protection requirements".

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.

Facebook will allow people outside of the U.S.to send money using its messenger app for the first time.

During your first payment the app will request your bank information to be entered, Visa and Mastercard are supported.

British Facebook users can now send money to each other through the social network giant's Messenger app.

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

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Messenger has more than 1.2 billion monthly users around the world.

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.

Payments take between one and three working days to clear into someone's account, depending on their bank account provider. According to research by Kenshoo published in December 2016, 53% of French Internet users and 48% of U.K. Internet users had Facebook Messenger. We've heard that people often want better ways to express themselves when sending money, like adding accompanying text, emoticons, pictures and GIFs; of course Messenger is the best place to do many of these things, so we hope we're bringing even more functionality to the art of conversation.

To receive money, you need to open a chat with your friend, tap the Add Card option, add your debit card and set up your payment account.

Other firms in the US market include Square, which lets users swap money via its "Cash" app, and Paypal, which acquired payment service Venmo.

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