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Send Money to Friends in Messenger

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Re: Send Money to Friends in Messenger

#111

Post by r00fus »

bluetidepro wrote: post #57
gk1 wrote: post #43

Earlier quoted context omitted.

"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.

Or - here's this "checkbook" thing I have sitting in my bag, I'll write you a $20 check, and you open up your banking app and deposit it immediately, and keep the paper check just for a receipt.

Re: Send Money to Friends in Messenger

#112

Post by genericuser »

FreakyT wrote: post #14

It's an interesting feature, but it seems unlikely that enough people will add their card information to Facebook to make it worthwhile, considering that both the payor and payee need CC information included for the payment to work. On a related note, this continues Facebook's unfortunate user-interface decision to replace the simple "send" button in Facebook Messenger with a row of increasingly crowded and not-parti…

After a week or so for people to adopt it send out $1 gifts to 100,000 (or however many that will represent a rounding error in dollars) people with accounts meeting some set of activity requirements, who have not yet signed up. They then have to enter their info to claim it, once their info is entered they have no barrier to use it and may send money to others further spreading it.

Also publicize that you will be giving like $1,000 to 100 lucky fb pay users who have performed at least 5 transactions, after 2 months of fb pay.

I mean Facebook just needs to get a decent initial seed of people to add their info, and for it to be so painfully stupidly easy that every relative on Facebook can now send their nephews/nieces and grand children those $5 birthday gifts so that it spreads.

Re: Send Money to Friends in Messenger

#113

Post by AtmaScout »

koyote wrote: post #84
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?"

In the UK we have PayM which is set up by the banks. You simply load your bank's mobile app and send money to your mate using his phone number. It's pretty simple to set up and works across most major banks here.

That would be awesome to have here in the US.

Re: Send Money to Friends in Messenger

#114

Post by joshstrange »

habosa wrote: post #107

I already have a way to send money for free to any of my Facebook friends: Venmo. I have had Venmo for about 4 years now (it started at my school so we were early) and it is tied with Lyft for the startup I could not live without. Last year I sent ~$8,000 and received about $8,500 on Venmo. So a $500 diff but the amount of time it saved me versus transferring that $16,000 any other way is many, many hours. I don't th…

I love Venmo and use it with a number of friends but I'm getting sick of the "Do you have Venmo? No, Ok PayPal? No, Ok, well I can setup snapcash if you have it setup? No, ever heard of square cash?....." As much as I hate caving into the "Almighty Book of Faces" I will probably enter my card to help facilitate payments with friends. I use Venmo to pay my parents for loans in their name, for my sisters sorority dues, for pizza, beer, etc. I will keep Venmo for sure and prefer it over FB Pay but I'm really worried FB is going to kill Venmo with this move....

Re: Send Money to Friends in Messenger

#115

Post by cek »

6stringmerc wrote: post #26

"Hey RELATIVE it's me here on Facebook I had to get a new account because I'm in trouble here in FOREIGN COUNTRY so please send me money. It's really easy and I need it bad! Just enter your credit card and I will be saved!" I know, I know, it's not the tool...but I am reminded of a certain scene from The Fifth Element... "I hate warriors, too narrow-minded. I'll tell you what I do like though: a killer, a dyed-in-the…

Kindel's Law: "Every new payment system rapidly transforms into an anti-fraud system."

Re: Send Money to Friends in Messenger

#116

Post by Kronopath »

It's interesting to note that this is yet another trend that came from Asia. Like stickers, another feature that was recently added to Messenger, this feature has long been in apps like Tencent's WeChat.

And it's used extensively there. Just last month, during Chinese New Year, WeChat added a feature that let Chinese users send money to their WeChat contacts, following in the tradition where people give red envelopes of money (红包) to family members and friends. From what I hear, it was incredibly popular—I even received one myself from a Chinese friend.

I wouldn't underestimate the potential popularity of this move. Especially once they open this up to countries outside the US.

Re: Send Money to Friends in Messenger

#117

Post by astazangasta »

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?"

It's bizzare that our financial sector is the largest area of the economy and yet has not managed to produce any innovation in this regard. Shouldn't banks be giving us easy ways to transfer money? Isn't this their function? Financial services?

Re: Send Money to Friends in Messenger

#118

Post by yen223 »

anuragbiyani wrote: post #79
gk1 wrote: post #43

Earlier quoted context omitted.

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

"The total for both of us was $55, so you owe me $27.5." "OK, here is some random bank's ATM which charged me $44 to get $40 (2 x $20) out, and now you say you don't have $12.5 in change on you ... well, shit." ... "What will you prefer: GWallet or FB ?"

Which horrendous country are you living in where ATMs charge $44 for a withdrawal?

Re: Send Money to Friends in Messenger

#119

Post by pbhjpbhj »

ddoolin wrote: post #39
kamilszybalski wrote: post #31

Earlier quoted context omitted.

Why is it unlikely that enough people will add their card information to Facebook?

I'm curious, too. Given that they have hundreds of millions of users and most (that I know) don't seem to care one way or the other about the privacy implications, I don't see usage being an issue at all.

Agreed, the network effect works seriously in FB's favour here. Do I add my payment details and get back the £20 an acquaintance sent me or do I wait until I see them and hope we both remember?

Once you're signed up then FB have dropped the barrier to making further payments with their platform, which presumably is the purpose of this from their point of view.

Re: Send Money to Friends in Messenger

#120

Post by gress »

blhack wrote: post #60
superuser2 wrote: post #44

Earlier quoted context omitted.

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.

I use Simple, and Square cash, and I have to say that Square Cash is far superior for sending money to friends.
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