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

Wednesday, 08 Nov, 2017

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.

What is this glorious new feature we hear you say?

Facebook Messenger head David Marcus said Monday that users in the United Kingdom would be able to use the feature as it rolls out in the coming weeks. Additionally, Apple has its own Venmo-like money transfer service in the works that's due to be released sometime this fall.

You can now send or request and receive money in a chat on Facebook Messenger. However, all the major banks and credit card companies are taking part. According to research by Kenshoo published in December 2016, 53% of French Internet users and 48% of U.K. Internet users had Facebook Messenger.

Before this change was introduced you could only send £250 ($328) at a time to friends in the same country as you, but Facebook hopes that people can eventually use the feature to pay businesses too.

Once you've done this, tap Pay and add your debit card.

Facebook has allowed users in the U.S. to make payments on Messenger since 2015, but now it's expanding the reach of the service to other countries.

To receive money, you need to open a chat with your friend, tap the Add Card option, add your debit card and set up your payment account.

Payments take between one and three working days to clear into someone's account, depending on their bank account provider.

Payments will be protected by a PIN system to prevent fraud and augmented by its M digital assistant, which will issue a handy prompt when someone asks for money. According to recent survey of almost 4,000 US consumers by 451 Research, just 1% of them had used P-to-P payments in Facebook Messenger - less than Venmo, Square Cash, Google and FI payment solutions such as Zelle.