Facebook Announces New Payment Feature

18facebook-pic-master675-v2

If you are familiar with Facebooks instant messaging service, you may have used it to send all sorts of winks, smileys, and cat emotes to your friends. Now all of that is about to change. You will now be able to use Facebooks messaging service to send money to your friends directly and instatly.

On Tuesday, Facebook gave the official announcement that users (America specifically) will now be able to link their debit cards to Facebooks money sending service. Doing so will allow the user to send money just as easy like sending either a text or picture message.

Since Facebook is such a huge company and they have a significant reach, other companies may feel the effect of them releaseing this service to their users.

If their system for payments succeeds, Facebook may extend it for other types of purchases. Such as buying directly from people advertising their products.

“Facebook could use this as a back door to get peoples debit cards to enable the pay button” said Robert Peck, an internet analyst with SunTrust Robinson Humphrey.

This is nothing new though. The Facebook of China, WeChat, already allows their users to send money through their instant messaging service. This type of payment system is only starting to show up in the United States even though PayPal has been a very popular Email payment serivce.

This is the next natural step in communication because instant messaging is slowly but surely beginning to cast a shadow over its email predecessor.  It is not a hard thing to see since Facebooks messaging app is receiving over 500 million monthly users.

What are your thoughts on sending money throughFacebooks messaging app? Do you think it will work out or are there to many security concerns for you?

Comments

comments

Leave a Reply