August 24, 2016
Facebook Launches P2P Payments
March 19, 2015
Facebook this week announced a peer-to-peer payments system that will operate on its standalone Messenger app. It will be available “in the coming months,” the social media giant said in a blog post. Users will need to load a debit-card number to send or receive funds. The company pointed to its experience as a payments processor for its gamers and advertisers and will handle all the payments processed on Messenger, as well.
The company said security is its top priority and will include encrypting information traveling between users and Facebook. The payment systems “are kept in a secured environment that is separate from other parts of the Facebook network and that receive additional monitoring and control,” according to Facebook. The company also touted its antifraud team and that Apple users can enable TouchID to further secure transactions.
At the moment, the company has indicated the service is solely for P2P, and not e-commerce, payments, and that it will consider additional funding sources in the future.