It was announced on Tuesday by Facebook, the social networking company, that users in America of its Messenger app would be able to connect their debit cards to the service and can use it to send money to one another just as easily as they send a picture or a text message.
The introduction of Facebook money transfer feature, and its huge size and reach, which has been highly predicted by Wall Street, will cause agitation in the growing market for directly sending money to individuals, known as peer-to-peer Transactions.If the payment system succeeded, Facebook will expand it to other types of purchases, such as consumer’s buying of products straight from advertisers, Analysts said.
Robert Peck said, an Internet analyst with SunTrust Robinson Humphrey “Facebook could use this as a back door to get people’s debit cards to enable the buy button”.
Facebook of China, WeChat and Asia based communication services like Alipay already allow their hundreds of millions of users to transfer money via instant message. But this technology seems to be appeared in United States, Where email payment services system like PayPal is working from a long time and is very famous there.
Among younger users, messaging has begun to eclipse email as the preferred form of electronic communication, Facebook wants to dominate that market much as it has dominating behavior in social networking. One of the biggest platforms in the world of Facebook is its Messenger app, with above 500 million monthly users. Facebook expended nearly $22 billion to buy WhatsApp in last year, a completely separate messaging platform that counts more than 700 million active users worldwide.
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