Facebook Messenger to support money transfers?

A recent code leak hints that Facebook messenger may soon let you make payments to your friends.

Published Date
07 - Oct - 2014
| Last Updated
07 - Oct - 2014
 
Facebook Messenger to support money transfers?

Facebook Messenger may soon allow money transfer between friends. According to leaked code discovered in a modified version of the Facebook Messenger on iOS, person-to-person payment interfaces and other elements are already integrated into the app.

iOS developer Andre Aude had discovered the code. He posted that the Messenger’s payment option would let users send money in a message similar to sharing a picture. The app would allow users to add a debit card in Messenger and as well use the in-app pin code for added security to make payments. Facebook has declined to comment on the feature.

It remains to be seen whether Facebook will monetize the Messenger by charging a small fee for money transfers or make it free for users. Facebook recently hired David Marcus as the new head of Messenger who was formerly the president of PayPal. The company has been hinting at the payments service for some time now. The social networking giant recently tested a buy button that allows users to make purchases from within the site.

Facebook CEO Mark Zuckerberg said on the company’s Q2 earnings call that “over time there will be some overlap between [Messenger] and payments. [...] The payments piece will be a part of what will help drive the overall success and help people share with each other and interact with businesses.” However, he urged Wall Street not to get too foamy at the mouth because it may be awhile since “there’s so much groundwork for us to do.”

He urged analysts and investors to revise their estimates of Facebook’s revenue if they expected this to come quickly. “To the extent that your models or anything reflect that we might be doing that, I strongly encourage you to adjust that, because we’re not going to. We’re going to take the time to do this in the way that is going to be right over multiple years” Zuckerberg concluded.

Source: Techcrunch, Andrew Aude (Twitter)