Facebook Messenger tests a split payments feature in the US - The Entrepreneurial Way with A.I.


Tuesday, December 7, 2021

Facebook Messenger tests a split payments feature in the US


Dive Brief:

  • Furthering its expansion into payments, Facebook Messenger is testing a split payments feature within its app for U.S. users, the company announced on Friday. The company didn't disclose when it would roll out the feature for broader use. 
  • Users can select the feature by clicking the "Get Started" button in their group chat or the Payments Hub in Messenger, then divide a bill or modify the contribution amount for each person, the company said. 
  • Users can also write personalized messages and confirm their Facebook Pay information before sending the payment request, which will be visible in the group chat thread, per the announcement.

Dive Insight:

By testing its split payments feature in Facebook Messenger, Meta further enmeshes its app in consumers' social and financial lives. Two years ago, the company integrated Facebook Pay across Messenger, Instagram and WhatsApp. Earlier this year, the company began testing a QR code-based peer-to-peer payment channel via Facebook Pay so users can send money to each other via Facebook, Instagram and WhatsApp.

"If you've struggled with dividing up (and getting paid back for) group dinners, shared household expenses or even the monthly rent, it's about to get easier," the company said in its announcement. 

Meanwhile, as Meta begins integrating its payments tools across its social media apps, payment veterans are also looking to simplify the process of splitting the bill. Two years ago, American Express teamed up with PayPal and Venmo to help customers divvy up payments via those apps.

Facebook Messenger's move follows the ongoing acceleration of peer-to-peer payments adoption in the U.S. Last year, P2P payments volume hit $393.9 billion, a 5% increase from $375.1 billion in 2019. P2P payment volumes are expected to reach $538.7 billion by the end of 2022.

via https://www.aiupnow.com

Tatiana Walk-Morris, Khareem Sudlow