Facebook launches group payments via Messenger

Written by on April 24, 2017 in Guest Blog with 0 Comments

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Facebook group payments are now available through the company’s flagship Messenger application for users in the US. Last week, Facebook group payments in Messenger launched as the company continues its quest to offer its users comprehensive payment options.

Partha Sundaram, Product Manager for Consumer Payments at Facebook, stated that “starting today for Android and desktop, you can send or receive money between groups of people on Messenger. It’s free, simple, fast and secure. Whether you’re splitting a restaurant bill or chipping in for a group gift, all you need to do is go to a new or existing Messenger group conversation to get started.”

The launch of the new payment feature in Messenger comes at a time when Facebook is rumored to be preparing the launch of a digital payments business in India via the company’s other messaging app, WhatsApp.

Facebook is not alone in its pursuits. Many of the world’s largest social media companies, who have entered the space in the last few years. Social media giants like WeChat and Snapchat are now also utilizing their large millennial user bases to deliver instant and contextual payment experiences.

Apple, the world’s most valuable company, are investigating the possibility of adding the functionality of its Siri virtual assistant to its iMessage service that would enable hundreds of millions of iPhone users to perform P2P payment transactions.

According to BI Intelligence demand for mobile peer-to-peer payments is on the rise. In the US alone, peer to peer payments are expected to increase to $336 billion in 2021, up from $19 billion in 2015.

Messenger users have been able to send and receive money since 2015, however, until now, peer-to-peer payments have only been possible between two people. Sending group payments within Messenger is easy. Users simply tap on the plus sign in the bottom left-hand corner of a group conversation and tap the payments icon. Users then choose who to send or request money from and how much. Money can be transferred to everyone in a group chat or only a few members.

More on Facebook.

This article was first published on The Fintech Buzz.

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Anthony Back

About the Author

About the Author: Anthony is currently a Senior Fintech Analyst at Expert Market Insight and the Director of Content at BreakingFinance, a fintech content creation firm. After spending several years tracking and analyzing technologies and investments at Israel Venture Capital, he now focuses his time conducting research and analysis on the global fintech industry to help startups, financial institutions and finance-related companies develop insightful content. Anthony’s areas of expertise include payments, trading & investing, banking, blockchain and digital currencies. He is also the lead contributor at thefintech.buzz industry blog. .

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