Summertime and the livin’ is… easy—because Facebook is rolling out the new and improved peer-to-peer payments feature.
ICYMI (“in case you missed it”), Facebook has always had a hidden option to send or request money via Messenger. However, with some new upgrades, your money transfer woes are now a thing of the past. Previously, the tucked away feature also came with some illusive transaction fees. Not only are transactions now free of charge (at least on Facebook’s end), but they now have the option to come with pin protection for an added touch of security.
A few need-to-knows about the feature:
- Accepts Visa/MasterCard
- Transactions could take up to three business days, depending on your bank.
- Payments cannot be canceled.
- Only available in the U.S.
- TouchID will be available for use as an alternative to PIN protection.
These new features have the potential to be extremely beneficial to businesses as well. While this feature enables businesses to cough up some cash to be featured and promoted, it also allows users to click and buy—all within Facebook. Talk about a ‘one stop shop!’ Some may think this is a ploy for Facebook to finally start benefitting in monetary ways from their users, but the 10-year long rumor remains a mystery. The way we see it, Facebook is simply trying to increase their reach as well as consumer engagement capabilities (i.e. increasing the use of the Messenger app).
As we’ve said before, Facebook has clearly evolved into more than just a social media network. It goes beyond memory sharing and connecting with old friends and now incorporates tools that we use in our everyday life—essential tools that make daunting and tedious tasks painless and smooth. Facebook is changing the way we do things, the way we market ourselves, the way we support our favorite causes, even the way we do business.
So go ahead, split the cost of those “just because” flowers for mom. She deserves it! Facebook has made it easy for you to streamline the payment process and promote local business, all while showing your appreciation. Now that’s what we call a win-win.