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Send Money to Friends in Messenger

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Re: Send Money to Friends in Messenger

#231

Post by vectorpush »

vanzard wrote: post #205
vectorpush wrote: post #158

Earlier quoted context omitted.

The difference is that stolen bitcoin equates to a permanent loss of funds while a stolen credit card number equates to a customer service phone call.

Not always true. The reality is less rosy than you depict it. Most credit card issuers don't let you charge back transactions older than 60 days. It is always fun to discover this fact after a merchant invents believable excuses to stall your order for 60+ days... ("Warehouse stock depleted, wait 4-6 weeks. We shipped it! Sorry we shipped the wrong item!") Merchants can dispute chargebacks, and in fact do win 40% of…

Fair enough. Credit cards offer decent but limited consumer protections; bitcoins offer none.

Re: Send Money to Friends in Messenger

#232

Post by icebraining »

nfoz wrote: post #62
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 want the govt / central banks to do it.

Move to Ecuador :) http://www.bbc.com/news/world-latin-america-28992589

Re: Send Money to Friends in Messenger

#233

Post by macNchz »

XorNot wrote: post #200
macNchz wrote: post #192

Earlier quoted context omitted.

Sure, but that was really my point: I was just offering a tiny data point on the progress towards the goal that the person I was replying to expressed: > At this point, I just want one of these pay-with-your-phone solutions to win and be ubiquitous. I'm not saying this is a clear winner, just that Venmo is well on its way to ubiquity in this market, at least within my demographic/peer group. I'm fairly social, and I…

I live in Australia and have literally never heard of this service until right now. I think you are drastically overestimating its penetration.

I didn't intend to make any claims about global market penetration. Just pointing out that it has notable tractiom in my market and peer group, and that because of that it had made strides towards the ideal bill-splitting situation outlined above: it is used widely enough that it's a clear default when splitting a bill with a mixed group. Maybe it won't catch on any more widely, but similar apps have been around for a while and never reached the adoption where multiple people in a group would suggest or accept them as payment. It's not actually available outside the US right now, which may be why you haven't heard of it, and which is clearly a big hurdle on the road towards true ubiquity.

Re: Send Money to Friends in Messenger

#234

Post by gonehome »

dustcoin wrote: post #227
ethanbond wrote: post #211

Earlier quoted context omitted.

I've never understood how the hell Square does it. It's an awesome experience though.

They (ab?)use the transaction that occurs when money is refunded to a debit card. http://jonbwhite.tumblr.com/post/66853226398/how-square-move...

I was wondering how they did it - that's really cool. Thanks for the link.

Re: Send Money to Friends in Messenger

#235

Post by baby »

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…

They already made a lot of transactions before so they already own a lot of credit card info already:

* gifts

* promote personal posts on news feed

* ads (promote page posts)

* some messages (you had to pay to send a message to mark for example)

* people who enter it just so they can recover their password more easily

Re: Send Money to Friends in Messenger

#236

Post by shostack »

brettfarrow wrote: post #54
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 en…

Can't upvote hard enough.

User-to-user is just one piece of the puzzle. Facebook has faced a REAL uphill battle convincing advertisers of the value they add in the path to conversion. Anyone who is familiar with cross-channel attribution knows this all to well. Many of FB's recent updates have been big slaps in the face to many advertisers, but this could be a huge win.

It would in essence enable them to go from being what is typically one of the first points in the "generating awareness" stage to being a last touch success. Most advertisers are not savvy to things like attribution (hence one of the reasons AdWords still focuses on last click in their main UI), so being able to say to businesses "here is how much money you earned directly and immediately from your ad" is a huge win for proving the value they add.

Any PMs or engineers at FB--would love to chat with you about this and how it ties into the attribution picture. Seriously--it's a huge problem for you right now.

Re: Send Money to Friends in Messenger

#237

Post by shostack »

sjbase wrote: post #141

A lot of people are commenting about Facebook being "yet another entrant" into the wallet & payment game. I'd enjoy the ease and simplicity of having everyone on a single payment platform as much as the next guy, but it's simply not realistic. There's too much at stake for Google, Apple, Paypal, Square etc. to just give up. Instead, I could see this taking a similar direction as web authentication: instead of "Login…

It also makes sense for businesses to consider them as a payment option given the reach, and if it takes off, the likelihood that a user will keep their payment details current.

Expired credit card churn is a huge issue for any successful SaaS business, and someone is much more likely to keep their payment details updated with a service they pay through regularly than they are entering one-off CC info. Adding FB to the mix with Apple, Amazon, Paypal and Google would make sense for a lot of companies (although probably entails a whole host of headaches).

Re: Send Money to Friends in Messenger

#238

Post by smackfu »

yincrash wrote: post #178
fragmede wrote: post #90

Earlier quoted context omitted.

It's the critical mass of friend's that key though. Hell, Paypal is just as effortless once that critical mass is hit, and that's has been around since 1998.

Paypal's UX has changed to be simpler, but I don't think they even had a mobile app for the longest time. It was also several inputs, such as choosing the type of transaction to make sure you don't get charged a fee for sending money to your friend. I'm not going to go home and remember to paypal on my desktop when I could just use the venmo app to send you money right after you paid.

Plus PayPal has the friction of forcing you to log in. Which many of these other sites skip.

Re: Send Money to Friends in Messenger

#239

Post by taterbase »

pbz wrote: post #222

Does anybody know how Venmo and now FB can send/wire between debit cards for free? What happens to the % Visa/Mastercard demand? Is something like this coming for Stripe?

Venmo uses actual ACH transactions which are free, it's like writing a check but there is a delay. FB, Snapchat, and others are likely eating the cost of the debit card "swipe" in hopes of garnering users.

Re: Send Money to Friends in Messenger

#240

Post by tracker1 »

gonehome wrote: post #165
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…

Well in this case it looks like you need to be friends, so any spam requests from non-friends would likely go into the never seen abyss that is the 'other' folder. That being said, if you haven't ever checked your 'other' folder you probably should. Last time I saw this mentioned people had missed wedding invitations, potential dates and more from people they weren't facebook friends with trying to reach them. You ge…

It may be limited to the platform apps... didn't see anything like this in the web interfaces. That said, it's always a pain... ironically the least painful (if both parties have a chase account) is chase's quickpay...
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