Facebook announced this week that it will be rolling out a new feature to enable users to send payments to friends using Messenger. With its 1.4 billion monthly active users (MAUs), this could make Facebook a formidable player the financial services industry and enable facebook to also change our perception of money transfers as it has changed many other things.
Over the next few months Facebook users in the United States can add their debit card to their account to send and receive payments. These transfers can be initiated with one click on a new “$” icon in the app. The feature will eventually be made available to the rest of the world on Android, desktop, and iOS.
To the man in the street Facebook may seem like a new player in this field but it has actually been processing payments from advertisers and game players since 2007, and now processes more than one million transactions daily.