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Send Money to Friends in Messenger

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Re: Send Money to Friends in Messenger

#51

Post by squiguy7 »

zacharypinter wrote: post #6

At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. The current situation is almost comical. "Do you have Venmo? Haven't set that up yet, can you send over Paypal?. No, what about Square Wallet? Nope, what about Gmail?"

I wonder what incentives these new players have to provide a medium to transfer money on their platform? Why should I give my credit card to Facebook or Snapchat?

It doesn't really make sense for me. I would much rather use a vendor that's sole purpose is to provide a means of money transferring. I don't need the convenience of typing a sigil followed by the amount to send money to friends. If I really can't electronically send them money, I will go out of my way to give them cash at a later date.

Re: Send Money to Friends in Messenger

#52

Post by billyhoffman »

Interesting. Facebook has over 1.1 billion users, but their existing financial systems (Facebook credits, etc) process only 1 million transactions a day. I would have thought it was higher. Of course, that's daily, so another way to look at it is 0.1% of Facebook users pay for something on Facebook on a given day, which strangely feels high.

Re: Send Money to Friends in Messenger

#53

Post by [deleted] »

gk1 wrote: post #43
zacharypinter wrote: post #6

At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. The current situation is almost comical. "Do you have Venmo? Haven't set that up yet, can you send over Paypal?. No, what about Square Wallet? Nope, what about Gmail?"

"You owe me $20" "OK, hold on, here's an ATM." ... "Here you go."

[deleted]

Re: Send Money to Friends in Messenger

#54

Post by brettfarrow »

adriancooney wrote: post #10

Wow, this is a really interesting play by Facebook to gather finance details of their users. I can absolutely see an scenario where friend X wants to pay friend Y who hasn't enabled Pay and they nag until friend Y does sign up. The cycle will continue. It's probably part of a bigger venture into eCommerce for Facebook.

I think they're aiming to enable people to buy from ads without ever leaving Facebook. Reduces friction for the buyer and has the potential to be a major source of revenue from ecommerce companies.

I'm sure they realize how much money Google is printing with their shopping campaigns, and FB ads haven't proven to be very rewarding for ecommerce outside of fashion/lifestyle. Adding a major feature like that would be enormous in grabbing some of that market.

Re: Send Money to Friends in Messenger

#56

Post by cxmcc »

dsugarman wrote: post #3

does this say something about how fast snapchat is innovating?

Snapchat is not the first one having payment via chat. Afaik wechat had that long time ago.

But this totally tells us about how slow facebook is moving. They had 100x people, 100x money but still end up 2x slower.

Re: Send Money to Friends in Messenger

#57

Post by bluetidepro »

gk1 wrote: post #43
zacharypinter wrote: post #6

At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. The current situation is almost comical. "Do you have Venmo? Haven't set that up yet, can you send over Paypal?. No, what about Square Wallet? Nope, what about Gmail?"

"You owe me $20" "OK, hold on, here's an ATM." ... "Here you go."

"Oh wait, that's not my bank's ATM. I don't want to be charged a $4 fee. Oh well, I'll get you next time." ATM's are not a good solution. I don't want to pay $24 to give someone $20 because of ATM fees. Or wait in a long line (assuming you are at a busy location/area) to get the money.

Re: Send Money to Friends in Messenger

#58

Post by berdon »

TheSoftwareGuy wrote: post #12
Jake232 wrote: post #2

I think it's interesting that we can now pay almost anybody we have contact with, at almost zero effort and without even having to remove my debit card from my wallet. You can pay people via gmail now for your email contacts, send money to your personal friends via social media networking. I bought my Uber to work this morning completely frictionless without having to physically use my card. It's an interesting devel…

I mean, in reality, we are just back where we started. cash & checkbooks used to do this very well, until people needed online payments.

Not really. Cash and checkbooks require you pulling out a some form of tender, divvying out the correct amount or writing the amount out, and then handing the tender to the cashier.

Now, using Uber as an example, I request a car, get into the car, and leave the car. You never even need to open the app back up after requesting a car.

Re: Send Money to Friends in Messenger

#59

Post by superuser2 »

TheSoftwareGuy wrote: post #12
Jake232 wrote: post #2

I think it's interesting that we can now pay almost anybody we have contact with, at almost zero effort and without even having to remove my debit card from my wallet. You can pay people via gmail now for your email contacts, send money to your personal friends via social media networking. I bought my Uber to work this morning completely frictionless without having to physically use my card. It's an interesting devel…

I mean, in reality, we are just back where we started. cash & checkbooks used to do this very well, until people needed online payments.

Cash is nearly useless for payments between friends becase everyone only ever has $20s, if they have cash at all.

Re: Send Money to Friends in Messenger

#60

Post by blhack »

superuser2 wrote: post #44
blhack wrote: post #32

Earlier quoted context omitted.

Simple dominates all of these, in my opinion. It is perfect from a user experience side. (If people already have the service, but people really want the service for more than the mobile payments part)

Simple is an entire bank/debit card. Square Cash, Venmo, etc can all be set up on your existing debit card. I certainly hope I don't have to switch banks to do mobile payments.

All of the other mobile payments things seem like they want to be your bank (but only sorta kinda sorta).

Simple is just that. A bank (or rather, a banking services provider. Us bancorp is the actual bank).

The tight integration with mobile payments, because of them also being a banking services provider, is absolutely flawless.

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