THE SOCIAL NETWORK Facebook has confirmed that it's shutting down its payment by Messenger service.
The peer-to-peer (P2P) service, which arrived in Blighty back in November 2017 two years after launching in the US, allows users to send or request and receive money in a chat on Facebook Messenger.
While Facebook at the time lauded the early success of the tool and touted its "world-class" security credentials, it isn't as universal as rival offerings as it requires both parties to register their details and cards with the service.
What's more, because the service is not a direct bank-to-bank offering, it is not part of the Faster Payment scheme, which could mean it takes one to three days before the money is in the recipient's account.
While it'll be news to some that such a service existed, and perhaps moreso that "millions" of Facebook users entrusted the social network with their payment details, the company this week confirmed that it's discontinuing the P2P service from June this year.
In an email seen by INQ, Facebook confirms: "We're contacting you because you have used our payments Peer-to-Peer (P2P) service to send and receive money with friends and family on Messenger.
"We'd like to inform you in advance that we are discontinuing P2P services starting on 15 June 2019. Please note that although you won't be able to send and receive money with friends and family after that time, you'll still be able to complete other transactions on Facebook, such as making donations to charitable organisations.
"Thank you for entrusting us with your payments needs. We're sorry for the inconvenience that this may have caused."
In a follow-up statement given to INQ, Facebook failed to explain the reasoning behind the cull, but noted that its "made the decision to focus our efforts on experiences that people find most useful." µ
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