Facebook messenger is the social media application for texting with your Facebook friends or for texting in general. Have you ever given it a thought of paying some amount of money to your money through the same application if someone in your friend list asks you out for some amount of money? No right!
Well, Facebook has come up with something cooler which is known as Facebook payment through the Facebook messenger application where you don’t have to open any other application to pay for something you are buying or paying to someone at a moment when you are using Facebook.
When you are chatting with your friends about settling your own debts with others or splitting the bills, Facebook has decided that you don’t need to open other application like PayPal or Venmo to send money or pay bills. So, Facebook recently announced a new payment feature for Facebook Messenger that lets you connect your MasterCard or Visa debit card and just have to ‘$’ to start the payment on the application to send money on iOS, Android or on Desktop with zero tax fees. Facebook will roll out this update on Facebook Messenger in the US for a few months.
Every payment in today’s world is dependent on the PayPal Payment Gateway and the world can’t lean on it every time we talk about the Payment, considering it in mind Facebook built their own from ground to up from its experience with PayPal to make 1 million payments in a day through its own ads and games platform. Well, obviously the transaction and payment details are encrypted. Facebook quoted this and said that the payment systems are kept in a secure environment that is separated from other parts of the Facebook network and that it receives additional monitoring and control from an anti-fraud team.
In Addition to this information when the PayPal spokesperson was asked about that if the Facebook Payments is an Competitor to PayPal the spokesperson clearly ignored it and said that the Payment method is somewhat similar to that of P2P payment apps like Venmo which also provides free transactions and payments over some debit cards where the PayPal charges up to $0.30 plus a 3% of fee services on the transactions or the Payments made through it from the debit cards.
Facebook product manager said that we are not building or developing a payment business here but just providing a P2P payment to make payments free and to make better use of messenger more expressively. Facebook is already making money through ads and that too around $4 billion in the Q4 of 2019. Facebook doesn’t need to monetize payments directly.
Well, there is more to this than the information you got up there, once the users get the feature update they will be able to see a ‘$” button in their keypad or Messenger message composer next to the sticker option in the messenger chat in footer panel of the UI. When the user will tap it Facebook will ask them to enter their Debit information. Users won’t need to panic about finding and entering the bank account and routing it to the application. Users just need to enter their Visa or MasterCard Details.
Facebook didn’t directly allow the debit cards directly as they would entertain fees and it didn’t want its users to get charged up as if they didn’t understand.
If you want to integrate Facebook payment services to your application then you are at the right place as we offer the latest payment gateway services for the USA based application as the payment feature is rolled out in the United States of America.