The first thing I thought when reading the headline was:<p>Yeah, let's give the most intrusive facebook app ever access to creditcard details wcgw!
A friend to friend payment system in facebook messenger is a killer. Now i want to see what will be the move of all the p2p money sending apps, as many are coming up with it here in India. Excited to test it.
This is huge. Social payments could be the biggest business model for Facebook and even blast their revenues way past $100B. Lots of startups, many great ones have attempted it before, but all failed due to lack of traction. Facebook doesn't have this problem and could thus bring social payments finally to success.<p>This is where we will now be able to see how much TRUST affects a company. The Facebook brand is currently viewed as very negative and could be the reason, why this business model could be completely rejected by its users.
The question I have is if this is an attempt to take away PayPal's market or add to it...that is unclear to me. If you've done a boosted post or an advertisement on facebook, you know you can pay via PayPal. I, for one, won't enter a credit or debit card but would do this if I could link it to Pp.<p>...but then again, it is not often I owe my friends money.
Would like an open standard defined for bank account integration. Unfortunately that's unlikely to happen given the mass amounts of banks and their relationship with credit-card companies. (ie Why implement bank-to-bank transfers where there's no margin to be made in comparison to credit-cards?)
Im excited for this. When hanging out with friends we will often get a pizza or something of that nature but it is always determined by who has cash on them, its not going to be a hassle anymore reimbursing them to the exact penny for each persons share because they are all in the FB ecosystem.
As long as all these new payment platforms like this, apple pay, and square use credit cards, i don't really consider them that innovative. different way to skin the same cat.