If you’ve typed in monetary amounts or used currency symbols in Facebook Messenger, you may have noticed You may have noticed that the social media trailblazer has tossed its hat into finance ring with new social eCommerce payment processing services. That’s right, you can now send, receive, and request funds through the same Facebook Messenger that you use for sharing gifs and catching up with your elementary school best friends. As with any development in the eCommerce industry, Allied Wallet is keeping tabs.
Facebook Messenger’s Basic Features
To use Facebook Messenger’s new eCommerce functionality, you’ll have to link your Facebook account to a bank account and then create a PIN to use it (currently, it’s in Settings, then Payments, then Payment Methods). Once that’s verified, Facebook Message users can do the following:
- Send money to and receive money from Facebook friends via Facebook Messenger. This service is currently free, but may take a few days to deposit directly into your account.
- Request money or payment.
- Create a theme. It’s simply decoration for sending the money, but can be good for gifts on holidays and birthdays.
- View Payment History. There appears to be a Payment History section under Payments in Settings.
- Require a PIN to complete the transaction. Even the best of us have accidentally sent funds to the wrong person or in the wrong amount via an app like Venmo and had to ask for it back. Facebook Messenger lets you set a PIN for those receiving money as an extra failsafe.
The Competition
As with its trending section (cribbed from Twitter) and even Facebook Messenger itself , the company’s new eCommerce payment processing services are designed to bring a new level of convenience to many of the site’s users.
While the basic functions above make Facebook competitive, we’re sure the eCommerce processing will evolve to stay competitive. The market is already flush with similar products and apps, including:
- Google Wallet
- Square Cash
- Venmo
- Snapchat
- PayPal
- Proprietary Bank Apps
These all have their strengths and weaknesses; some process money to your bank faster, some have more fees, some are more universally trusted than others, etc. Going forward, it remains to be seen how Facebook will set itself apart from these products. Facebook has the extreme marketing advantage of being an accepted part of our daily lives and it will be interesting to see if the company coasts off of that or strives for singularity.
One thing to note is that Facebook Messenger can currently only connect to debit cards and banking accounts. Venmo, for example, allows the use of credit cards for an additional fee. Again, it’s unclear if this will make a difference in the success of Facebook Messenger’s new ecommerce payment processing services.
What It Means for Your Business
eCommerce functionality isn’t currently enabled for sending money on Facebook Messenger; in fact, it can get you suspended from using the sending and receiving funds features. This is bound to change at some point. Someday, perhaps, Facebook Messenger will evolve to allow online purchases from vendors, perhaps even connected to a store’s Facebook page. After all, Facebook Messenger has new rideshare functionality, so the infrastructure is getting there.
Regardless of how you wish to transfer funds online, you’ll want to ensure your site’s transactions are as safe and secure as possible. Allied Wallet’s merchant services can be created rapidly and affordably to set up a payment gateway on your webpage. We allow you to accept funds from over 100 currencies, expanding your business onto the international stage, and we can set up a personalized solution for your eCommerce business in as little as 12 hours. Allied Wallet provides 24 hour support, so contact us with any questions you may have.
