Roll out of Facebook messenger payments | Publications

Facebook just rolled out the digital wallet through Facebook Messenger in France and UK. We expect this feature to be rolled out in other countries soon as well. Throughout this article we will break it down what it means to users in terms of features and security.

Context

You are at a party with friends, at a certain point you decide to order a delicious pizza. You devote yourselves to make the order. However, you are worried about being forced to send reminders to you friends so that they make the transfer. Then, have to send your bank details and check if everyone has made the payment.

Online payment via Facebook Messenger

Facebook just solve this jigsaw puzzle with the roll out of the Facebook Messenger. Thus, you will be able to directly pay in the chat.

Facebook messenger payments

 

How it works

You start a chat with your friend, at the bottom the screen you have to ability to start the payment process in the currency of your choice ($,€,£). If it is the first time, vous have to setup your bank details by associating your bank with the payment system. Then, you select the amount that you want and your friend will be able to see it when he opens the chat. He will also have to set up his bank details in order to proceed. In our example where you are in a chat with several people, you will be able to select several people at the same time, put the amount and then, be able to follow the payment process of each person. One of the biggest advantages of this feature is that there is no transfer fee.

Should you be concerned regarding the security?

Facebook ensures the payment system is encrypted and secured as any bank when it comes to online payments. Thus, regarding your personal data your are covered.

Moreover, in addition to have a secured system, the virtual assistant M will be able to determine in chat conversation that people involved are talking about payments . Thus, it will propose you to use the Facebook Messenger payments via the popup if the messenger payment system at the bottom of the conversation. 

Facebook, the app that does everything

From an industry point of view, following the launch of the marketplace, the introduction of the a payment system closes the loop. The platform will enable the users to exchange goods and transfer currencies. With more than 1.3 billion monthly active users, Facebook is more than ever the platform that does everything. Therefore, the users always stays within the Facebook ecosystem. In the USA the feature was launched two years ago and other payment systems have already being integrated in Facebook messenger with for instance TransferWise, Western Union and Mastercard. Which means that facebook does not position itself as concurrent of banks and other payments module. However, Facebook eases the peer-to-peer payment process.

Nevertheless, it is important to mention that in USA the transfer can not exceed 500$ and the payment takes up to 3 days. This is line with the willingness of Facebook to ease the payment process of small festive occasions such as the one explained in the article. This feature is now available in France and UK  and certainly in other countries in the coming months.

More information can be found in this RTBF report.

 

 

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