Facebook’s Messenger payment service
A Facebook messenger payment service has enormous potential for success considering the size and spread of the network.
1.3 billion people are active on Facebook every month and Facebook Messenger reaches approximately 500 million monthly active users. In addition, Facebook’s ad network ‘Atlas‘ will identify customers across their devices so may help to ensure that the payment service from Facebook will gain a strong awareness, unlike the niche market that Google Wallet accessed across Europe. But with the service only available in the US, we will have to wait and see if Facebook will be accepted by the market on a global scale.
Whilst Facebook attempted to reassure us around the security of the service in its blog post announcing the new payments feature, it is yet to be seen whether users will put their trust in the network when sending money though. Considering privacy protection is so important to consumers, they may think twice before giving Facebook access to their credit card details or account data. In addition, the credit card is mainly used as a payment method in the USA and the UK – other countries have their own preferred country-specific payment methods as alternatives to the credit card, so this will need to be addressed.
The subject of regulation also can’t be overlooked. The roll out of an international money transfer is far more complex than just rolling out a global webshop, considering each country has different laws and regulatory rules for their financial market.
In-app payments are one thing, but the question of whether Facebook will arrive at the point of sale is an additional point. Apple Pay and Samsung Pay have a better chance here as its payment service is already organised directly for POS and it has a similarly high market presence as Facebook.