Facebook Messenger payments: How to send and receive money in the UK

Facebook Red envelope feature

Facebook Red envelope feature

The payments function will allow users to send up to £2,500 in one transaction and a maximum of £10,000 every 30 days, but it is highly likely that usage in the United Kingdom will mimic the U.S. market - meaning things like splitting bills, buying rounds and paying rent will be the main reasons people adopt the feature. People will need to sign up with their debit cards to send or receive money. Yes, that's right, Messenger is a convenient and secure way to send and receive money, and now, it's come to the UK.

"Our research shows the top reasons for sending money include celebrations, social and festive occasions", said head of Messenger David Marcus. The company has over 2 billion active users, and 1.2 billion use its Messenger platform, dwarfing even the 900 million users of the massively successful WeChat platform in SE Asia. Additionally, Apple has its own Venmo-like money transfer service in the works that's due to be released sometime this fall. Also, a pin can be enabled to allow money to be sent. "Finally, Messenger payments are offered as a regulated payment service, meaning they're directly subject to consumer protection requirements".

The money is then transferred to your friend in one to three business days.

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"Messenger uses people's authentic identities so people know who they are talking to", says Facebook.

It will recognise when people are chatting about payments and suggest using the feature. Red envelopes are traditionally used for gift-giving during holidays like Chinese New Year, but the payment service could be applied to any P2P payments.

Facebook doesn't now charge a transaction fee for Messenger payments, but integrating a mobile pay feature on its core site could open the door for collecting one as an added revenue stream. M is your helpful assistant in Messenger, powered by artificial intelligence.

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