Facebook Payments: Hacked Images Confirm New Feature

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Back in April we had reported that Facebook was seeking regulatory approval for providing financial services. Today, -hacked- images appeared on the internet, proving that the social network has overcome any obstacles and has started providing payments functionality.

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More specifically, it seems that payments and deposits among friends can now be made through Facebook Messenger app. Money can be transferred from one friend to another, using a similar method to that of sending pictures. Users can choose whether they want to use an existing card or add a new one. Reports claim that there’s an in-app PIN that provides extra security throughout the transaction.

#Facebook debuts payments through its #Messenger app. Read the details.

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For the time being, plans state that payments through Facebook Messenger will be from one person to another, with group payments being underway, according to a note in the part of code that was revealed.

@Facebook Messenger has P2P payments coming. @SquareCash style. pic.twitter.com/3NuXuuaMMC
— Andrew Aude (@andyplace2) October 4, 2014

It’s still unclear whether Facebook will charge a fee for each transaction. In this case, revenue and profits estimates will have to be revised, possibly bringing the share price to even higher levels. From a strategic point of view, this new update could initiate competition with Square or PayPal and, at the same time, reduce the market share of other messaging apps.

Can #Facebook bring down #Square and #PayPal?

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Photos courtesy of TechCrunch