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Facebook Wants to be Your Wallet: Are You Ready?

Facebook Wants to be Your Wallet: Are You Ready? | MarketingHits | Scoop.it
Facebook already handles your social life; now it wants to handle your money. Hacked screenshots leaked in October show a hidden payment option inside Facebook’s popular Messenger app, which is currently used by 200 million people around the world. The feature would let ordinary users—but not retailers or companies—send money to one another in a message using debit card information. (Facebook hasn’t commented on the hack or on when it might activate the service.)

The big question here is, why would Facebook—the world’s largest social network, worth an estimated $200 billion—even consider going down this road at all? Existing peer-to-peer payment apps are generally free to use, i.e. there’s no immediate profit to gain for the service provider. And rumor has it that Facebook Messenger’s version will be free, too, at least initially. It’s even been reported that Square Cash, a similar service from Twitter co-founder Jack Dorsey, actually loses Square around 25 cents each time it’s used, since someone has to swallow the debit card transfer fees charged by the banks.
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