Wednesday, January 22, 2020

Facebook Messenger Removes P2P Payment Services In UK And France

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Elizabeth Jamie
Jamie Elizabeth is a Mass Communication Graduate from the Philippines, knowledgeable in the field of cryptocurrencies, blockchain etc., currently enjoying freelance writing, and able to write anything under the sun.

Facebook has recently made a major change on their system and cryptocurrency might be part or the reason behind this change.

No More P2P For UK and France

On April 16, the most used social media platform, Facebook sent notices to their UK-based and France-based users that they will no longer provide P2P payment services on their countries.

Facebook Messenger introduced P2P payment services in 2016 wherein Paypal became their company-partner. As explained back then, the convenience of e-commerce became the major reason of its introduction.

“This is about allowing you to conduct commerce whenever you want to be doing it,” Anuj Nayar, PayPal’s head of global initiatives, told CNBC

Messenger’s P2P Services Now Only Open For Charity

After almost 3 years, as said on their official announcement, the peer-2-peer payment system done in Facebook messenger will now only be available until June 15, 2019. After the said date, the services of sending money via the social media platform will no longer be applied.

However, the system may still be used for charitable donations but not for personal usage.

“On 15 June 2019, we will discontinue P2P services on Messenger or through Facebook messages for all residents in the UK and France. While you won’t be able to exchange money with friends and family, you’ll still be able to complete other transactions through Facebook, such as making donations to charitable organisations,” Facebook sent to users affected.

Why This Sudden Change?

Although many came unprepared for this notice, Facebook did not gave any reasons behind the sudden change. Some users implied that these changes came since the P2P services of Messenger were not well-embraced and used by the countries.

“After evaluating how we give people the best experiences in Messenger, we made the decision to focus our efforts on experiences that people find most useful. Users have been notified in preparation for this change,” spokesman explains in an interview.

Part of the Crypto Plan?

However, most of them indicated that this change might be Facebook’s first step towards their plan to enter the cryptocurrency world.

Facebook had recently been reported in seeking major venture capital firms to invest for their $1 billion-target crypto fund. According to the report in BTCNN, the platform will be soon introducing a better method of P2P services through their own fiat-backed stablecoins.

If we may conclude, Facebook erases their P2P payment services– not just because of its low audience rate– but as part of their soon to introduced own version of the service.

As said, competition cannot be healthy all the time.

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