While Apple Inc. is riding on its crest of success with the launching of its flagship iPhone 6 and iPhone 6 Plus, Microsoft is making the most of its patent royalties, other technology-based company like Facebook is now hatching a payment option to boosts further its revenue earning potentials and to pounce on its current popularity.
The social media network titan which has just forged a merger with messaging service company WhatsApp in a deal worth a whopping $21 B is allegedly coming up with a new feature that will enable users to send and receive money through Facebook Messenger.
Apple Inc. has announced of its own payment option service with its flagship phones several days ago and Facebook is also tipped to do the same.
Security researcher Andrew Aude has discovered a new feature that is implanted in the existing smartphone app and, he declared that one can soon be able to the access the payment processor by logging in with their accounts in the Messenger or activate it using Facebook. He already did this trick by using a programming tool.
The payment processor will turn on by means of sending a message with an attached picture not by the traditional sending of picture, making the money available through a debit card and the needed details should be supplied to make the app work.
Google already allow users in the United States to send and receive payments via Google Wallet, on its mobile payments app. On the other end Japan’s Rakuten Bank’s process is a notch higher.
Customers have been able to employ Facebook to transmit money through its banking app, but one should know about your friend’s banking details by choosing their Facebook profile. If your contact has an account with the bank, the money transfer will be smooth as silk, otherwise a Facebook message will direct you to a secured URL willt and it is here where the money transfer can be authenticated.
It is high time for Facebook Messenger to come up with such payment option since it is currently the most popular messaging app in the United States and at the same time commands plethora of users worldwide. Parks Associates said that 53% of smartphone owners currently uses the Facebook app and tossing in a mobile payment processor will make the app even more popular and useful.
Technology-based company like and Google and Apple, and online payment processing giant PayPal are now all vent on substituting physical wallets and cash with the more flexible and versatile apps and smartphones.
Nevertheless, all of these companies are at fore of meeting challenges of pouncing further on virtual money not on money consignment and usage of credit cards. Credit cards are still formidable and it is almost as good as cash and every store would love to receive cash as payment and there is no need for keep on updating and upgrading the system.