Facebook are launching their Peer- to- Peer Payment scheme in the UK over the next few weeks!
So what is Peer- to- Peer Payments?
In a nut shells it is a quicker and easier method of transferring money to your friends via the Facebook Messenger app.
What makes it different from the typical bank transference?
Ease! You enter your card details once (the first time you set up the system). After that all it takes is a quick Messenger message to your friend and the money is theirs. No messing around with swapping account codes and sort numbers. No lengthy process of making your way through the numerous security checks on online banking. Money can be transferred in a matter of seconds rather than minutes. Surprisingly unlike other areas of the payment eco-system Facebook doesn’t charge a transaction fee.
Why would you use it?
Most American’s so far have used it for petty cash (typically under $50) for typical peer- to- peer type payments. It makes splitting the bill with your mates an easy to do process. No messing around with loose change. Message your friend the money there and then, and the bill is paid. This puts Facebook in competition with other innovative start-up bank such as Monzo who have also released a P2P payment method.
The new feature also has a nifty reminder assistant. If you receive a message from your peer, such as “You owe me £12 for that bottle of wine”, the M assistant will prompt you to make the payment.
Is Facebook a safe method of sending money?
Bottom line. Yes! On the surface would Facebook, a highly established and reputable company, risk launching a feature that would potentially be unsafe? It is in Facebooks best interest as well as their users to ensure that the transfer of money and account details are secure. Beneath the surface Facebook have invested in the latest online banking security measures. All details are encrypted and protected, they have “world-class” anti-fraud experts monitoring payments making Facebook a real contender in the banking and financial world.
Watch this space: set to launch in the next few coming weeks!