Now money transfers over Facebook’s messenger
Facebook announced that it will be allowing peer-to-peer money transfers over its Messenger application and it will be rolled out first in the United States. To send money users will see a “$” icon on their Messenger application and will have to tap on it and type in the amount they want to transfer. Users will then have to tap the top right and add your debit card details to send money. To receive money, users will have to open the conversation and tap Add Card in the message and add debit card details to accept money for the first time. However, Facebook says it may take about three days for the money to be transferred into a bank account.
Facebook also has added security features and says you can add a PIN to authenticate money transfers. On iOS devices, users can also enable Touch ID to use fingerprints as authentication.
There’s no word on when it will be rolled out in India though and Facebook will face a very tough regulatory environment with the Reserve Bank of India which insists on two-factor authentication for card not present transactions and it will be interesting to see what the Apex bank makes of Facebook’s safety features.
Facebook also joins a number of other messenger services which is looking to add payments in their services. LINE messenger last December said that it is looking at extending its mobile payment service LINE Pay globally. Last year, Snapchat introduced Snapcash and allowed its users to transfer money via the messaging platform.
Closer home in India, pre-paid wallets such as Oxigen are using social media and messaging platforms such as Whatsapp to enable transactions via them. ICICI Bank and HDFC Bank are looking to enable peer-to-peer money transfer through their applications Pockets and Chillr respectively. There’s also Kotak Mahindra Bank with KayPay, a bank agnostic payment product for Facebook users to send money to each other.
Facebook has added another feature to help advertisers to help target audiences better and will now show a relevancy score. The score will tell advertisers how the entire social network thought of the ads and offers a score ranging from one to ten. Ten meaning that it is very relevant to a target audience, and one meaning that it is not relevant at all. Positive measurements for the score includes Likes, shares and clicks and negative measurements mean include the number of times people click to hide an ad and report it as spam. Note, Facebook will be rolling out the relevancy score after it has been served 500 times and will update it as more people come across the ad.
Facebook says that the score will help people cut costs for reaching out to people, however, also mentions that it is not the only factor for their ad delivery system. The social network says an ad with a good score and high bid for ad space might beat out an ad with a high score and lower bid.
The new score also allows people to optimize their existing ad campaigns and test different combinations of image and copy with different audiences, and learn which combinations offer the highest relevance scores.
Earlier this week, Facebook has launched ‘Creative Accelerator’, a program for advertisers to develop mobile-ad campaigns. The social media platform is currently working with seven clients across five countries including a partnership with Nestle in India, and partnerships with other brands in South Africa, Kenya, Turkey and Indonesia.