PayPal and a few other payment processors were the only online payment options available to users in the past. Then Google introduced Google Wallet and Google Checkout, and Apple came with Apple Pay, and a few more tech giants launched their own payment systems.
But these systems haven’t found widespread acceptance yet, as users seem to be looking for something more convenient. Facebook is the next web-based company to join the list.
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Facebook Messenger users will now be able to send or receive money through the communication service. It will be available to US players within a few months and will be accessible across almost all the major platforms.
Users will be able to connect their debit card with the Messenger and send payments to their friends with a few clicks. The recipients will receive the funds within 3 working days. The social giant says that initially only debit card information could be added, which could be gradually expanded to credit cards too.
The goal behind the new payment system, as stated by the company, was to let people pay right here where they were discussing about making certain payments. This could also be seen as a way for users to remain on the site for longer period of time.
This could help Facebook to keep its users on the site for longer and prevent them from choosing competitor services. Besides, gaining access to users’ financial information may also help create new revenue-generation opportunities in the future.
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From the perspective of the user, this could become an even better service if the payment processing delays could be minimized.
Facebook could do better by enabling systems that could ensure instant payments, which could prove to be instrumental in helping it make the new feature more popular and accepted widely.