Facebook: It’s Time for Payments!

I’ve been an advocate of Facebook getting into payments for a long time. Back then, skeptics would argue that Facebook had tried and failed (remember Facebook credits?), so Facebook would never again foray into the world of payments. Yet here we are today, with Facebook announcing its Pay feature in the Facebook Messenger app.

The ability to pay in a messaging app is not new. In China, Tencent’s hugely popular app, WeChat has incorporated payments directly into the app, making it a much-preferred choice for mobile payments. In South East Asia, South Asia and parts of Africa, payments using the feature phone’s SMS function have been the norm for years. The pay feature in a messaging app is however a first for the US…well, technically speaking, second. Snapchat beat everyone else to incorporate a payment feature in a messaging app.

Payments in a mobile based entity h ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 7 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.