Facebook Messenger Will Now Have Person To Person Payments

In October last year, LTP wrote a breaking news story about a Stanford computer science student who had revealed that Facebook Messenger payments was on its way. He had used an iOS app exploration developer tool called Cycript. Also last year, Amit Goel (LTP co-founder and chief curator) wrote about Facebook’s strengths and weaknesses in becoming a payments player, and related What-if scenarios. After David Marcus joined the Facebook Messaging team, it was evident that something was imminent and then Mark Zuckerberg announced that Facebook and Payments will eventually overlap. So here we are...

Facebook: The Social Graph Of Payments

Today, on March 17th, 2015 Facebook has entered into payments in a very big way [1]. This is perhaps the biggest news in this sector since its inception. Much like WeChat, a sort of Facebook of China, along with Alipay with their hundreds of millions of users, to send money via instant messages.

To become a person to person payment system in the US, the company must apply for and be granted a money transmitter license in every state. Facebook has been approved money transmitter licenses in every US state and territory along with ma ...

To continue reading, sign up for MEDICI Inner Circle and get free access for 30 days.
100,000+ FinTech professionals trust MEDICI Inner Circle to stay up to date on the latest in financial services.