Facebook UK announces new payment method on Messenger app

Nov 8, 2017 · bdaily.co.uk

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Facebook has announced plans to expand its money transfer services to its Messenger app for all UK users.

The app is now aiming to allow its monthly 1.2bn consumers to process one-to-one payments. This system is already available in the USA - it was introduced there in 2015 - but is planning to come to the UK in the near future.

The company states that this is free to use for all customers. On the first payment, the app will ask for bank details to be obtained, then requiring an amount of up to £2,500 to be paid. The 30-day limit for a single user is £10k.

However convenient this sounds, it could be a further threat to conventional banks. Sudhesh Giriyan, COO of Xpress Money, commented: "It’s unsurprising to see Facebook expanding its presence in the peer-to-peer payments space, but it should serve as a warning for traditional banks as yet another big technology company builds customer loyalty.

"While essentially the new middle man, Facebook is diminishing the role of banks when it comes to their customers sending money."

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