The world’s largest social media giant, Facebook Inc (NASDAQ:FB), has incorporated a service of payments in its platform, which provides more than 500 million users of Facebook Messenger app an ability to transfer money between each other. A Wall Street Journal article reported on the news and discussed about Facebook Inc. enabling payments service in Messenger app for its user which makes it the latest mobile platform to incorporate a service of payments.
To transfer money between each other, Facebook users must link a Visa Inc (NYSE:V)’s Visa or Mastercard Inc (NYSE:MA)’s Mastercard debit card to their Messenger accounts and then tap a dollar sign in the chat box. According to Facebook Inc (NASDAQ:FB), this new payment service will become available to people of the U.S. in coming months and service will be not be charged as the company has no plans to monetize it as this time.
Facebook Inc (NASDAQ:FB) has kept on processing payments on its main website for many years through games played over there, but it has never allowed people to transfer money between each other until now. Even the company’s acquired WhatsApp messenger app does not provide any such kind of service.
This new feature has also made Facebook Inc (NASDAQ:FB) a competitor to other P2P payments companies including Square, Venmo and even Snapchat, which had started a similar payment service in November last year called Snapcash. Snapchat had partnered with Square to manage the actual money transfers but Facebook Inc has built its entire system by itself which means that debit card info will be stored on Facebook servers. Ebay Inc (NASDAQ:EBAY) has also been offering consumer-to-consumer payment services through its PayPal subsidiary since many years which includes payment via email and through its app.
According to the social media giant, it will manage all the payments processed on Messenger by itself, as the company also processes currently more than one million transactions daily for game players and advertisers on the platform. This new initiative by Facebook Inc (NASDAQ:FB) might open a new horizon of opportunities for the company and it could also lead social media giant towards the other endless possibilities of business expansion in the payments space.
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