Coming Soon: A P2P Payment Facility from Facebook Inc (NASDAQ:FB)

Very soon, you can send money to your friends through Facebook Inc (NASDAQ:FB) messages the same way you send photos. This new service from Facebook will be similar to existing mobile money transfer apps such as Venmo and Square Cash. The news surfaced after several screenshots and a video of the payment system were leaked on the internet. According to reports, the code for the mobile payment facility has already been soft launched in the messenger app though it will be unavailable to users until Facebook officially ‘turns on’ the service.

Send payment like you would send pictures

The new payment functionality, which will be added to the existing Facebook Inc (NASDAQ:FB) Messenger, will enable friends to transfer money to each other. The pilot run of the payment service is anticipated to be available for users based out of United States in a few months.

Reports based on the leak suggest that it supports only debit cards and does not work with credit cards or direct bank transfers. Also, there is no feature to send payment to multiple friends or a group. But, as the functionality is still in its nascent stages, it will be spruced up before the final launch.

E-commerce enhancement to Facebook Inc (NASDAQ:FB) messenger was on the cards

This new addition to Facebook Inc (NASDAQ:FB) comes as no surprise as its Chief Executive Officer Mark Zuckerberg did hint of such an addition to its messaging app in the company’s earnings call. Another clue pointing towards this direction is that the Facebook Messenger team is currently headed by ex-PayPal executive David Marcus.

Notable here is the fact that Marcus cut ties with his former employer over disagreement with PayPal chief John Donahue’s move to side with Samsung Electronics Co Ltd’s fingerprint scanner for mobile payment instead of Apple Inc. (NASDAQ:AAPL) Pay. The former PayPal President has been with Facebook since last July.