It’s not a secret that Facebook is planning to move into the mobile payment business as soon as possible. Its mobile advertising has grown better than expected, but they are still eager for more. Facebook’s Messenger app may soon have a new payment feature.
Facebook’s eggs seem to be in one basket i.e. it makes 92% of its revenue from ads and a new mobile payment feature could help it diversify its income. Facebook’s move in the online payment business certainly doesn’t come as a surprise ever since they hired former PayPal CEO David Marcus to manage the messaging team.
The news comes from Andrew Aude, a student at Stanford who managed to take a snapshot of the new feature by using a hacking tool called Cycript. While testing, Aude was only able to use the system with debit cards, whereas bank accounts and credit cards didn’t work.
With its present abilities, the payment feature of Messenger only allows users to send payments to one another, which works much like sending pictures through Messenger. According to a 2012 survey by Cisco, 30% of people are willing to use Facebook as a banking service one day, but 55% said the opposite, because of the controversies surrounding Facebook user data.