Facebook
Messenger is extending its peer-to-peer (P2P) payments offerings, which
launched in 2015, by adding a group payments functionality, according to
TechCrunch.
Now, users
in group conversations can select the friends they want to send money to and
enter the amount as well as a short note, according to Engadget. Users can also
request funds in the same way, or can enter in a total value and have Messenger
divide the amount and charge everyone evenly. The platform will be free to
users that have entered debit information and a PIN to verify payments into the
app. It’s initially available for US users on desktop and Android, but iOS
support is likely on the way.
That adds a
beneficial use case to Facebook’s existing P2P offering.
Mobile P2P
is on the rise. BI Intelligence expects that mobile peer-to-peer (P2P) payments
in the US will rise to $336 billion in 2021, up from $19 billion in 2015. As
these payments get more popular, the ecosystem is becoming increasingly
crowded, with a rising number of players competing to reach the forefront of a
space where no one platform holds the majority of the market.
The move
plays to Facebook’s strengths as a P2P provider, which positions it to capture
a share of that rising volume. P2P apps thrive on connections between users,
which could put Messenger, which has 1 billion users, at an advantage. Group
payments could bolster that, especially if a group chat on Messenger is already
a communication tool in these networks, because since said functionality isn’t
widely available or well-known among competitors.
Read full report
here (Business Insider)
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