The service initially launched in the U.S.in 2015 and has caught on when users want to send payments that would have previously been made with fairly small amounts of money under $50.
All in all, the new service sounds deceptively simple, which means that we'll probably all be using it in no time at all.
The money is then instantly credited to the friend's account.
Marketplace has helped propel Facebook's stature as a last-click social commerce site, with almost 48% of social media users in the USA reporting they made their most recent purchase from Facebook, according to a recent Open Influence study, putting the platform ahead of Instagram, YouTube and Pinterest.
People will be able to add a payment card to their account then send and receive money directly inside conversations with contacts. According to research by Kenshoo published in December 2016, 53% of French Internet users and 48% of U.K. Internet users had Facebook Messenger.
Since Google recently launched its wallet application, Tez, in India and considering the digitasation emphasis of the Indian government, we won't be surprised if Facebook brings the service to Indian shores too. Wired says the transfer takes a rather sluggish "one to three business days" to complete. With these existing and entrenched habits for payment already in place, Messenger may have some difficulty in gaining traction.
'It's those everyday moments we're trying to make a little easier - we've seen that in the USA most people use payments in Messenger to send less than 50 dollars at a time'. The new payments feature will compete against a growing number of P2P payment apps like Venmo, Paypal, and several others.