Facebook Enters PayPal and Venmo’s Backyard

Early this year, Facebook hired David Marcus, who was then the sitting president at PayPal as the head of its messaging app development. The move that sounded like an overkill to many despite David’s comments that centered on how Mark Zuckerberg “shared a compelling vision” that made him make up his mind is beginning to pay off – literally. Facebook is on the brink of introducing payment options on its messaging app.

Facebook user might soon start sending money to friends via their messenger app. With the right setting, the currentfacebook-payments version of the iOS Facebook Messenger will send money from your debit card. Even though the app is not yet in the market, leaked info reveal that you can only link your debit card. The assumption here is that debit cards configure easily and process cash faster than bank accounts hence the omission of credit cards in the leaked preview.

Currently, sending the money is free. This could be courtesy of the early age of the app. Expect a fee in future assuming that the functionality catches on. The fact that your current App, if it is the latest for iOS already carries the code for the payment option is proof that the project is real. Jonathan Zdziarski, a security researcher, used Cycrypt to get the Messenger’s code and enable the functionality on his jailbroken iPhone, discovered the presence of the code. This was over a month ago. Here is a screenshot of what he found.

Hopefully, new options will be available in the near future. According to Zuckerberg, an entry into the payment market is imminent only that it won’t be instant. With the service still in the testing phase, do not hope to be attaching cash to your Facebook messages any time soon. Just be hopeful – and give opinions. There is so much security to take into account, but is not without the reach of the powerhouse Facebook has grown to be.

Add Comment

This blog is kept spam free by WP-SpamFree.