What's New in Payments

Facebook unveils its blockchain digital wallet plan

Coming in 2020: Calibra — Facebook — “Today we’re sharing plans for Calibra, a newly formed Facebook subsidiary whose goal is to provide financial services that will let people access and participate in the Libra network. The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, WhatsApp and as a standalone app — and we expect to launch in 2020.”



What's New in Payments

Facebook Messenger to shutter its P2P payments service in UK and France

Facebook will scrap Messenger payments in the UK and France — Engadget — “Facebook will discontinue peer-to-peer Messenger payments in France and the UK on 15 June, the company told Engadget. ‘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,’ Facebook said.”


What's New in Payments

First Direct lets customers make payments in social media apps

First Direct leading the way with social media payments — First Direct — “First Direct customers are now able to make secure peer-to-peer payments seamlessly while using social media apps such as WhatsApp and Facebook Messenger… Customers can now use the in-app PayKey technology to simply tap a payment icon on the phone’s keyboard within a conversation and manage a payment within seconds without having to open the banking app… On pressing the fd button, customers are securely authenticated via the app and are able to make a payment.”


Facebook approaches banks for Messenger bot banking

Facebook taps banks, but for chatbots not purchase data like Google — Techcrunch — “Account linking enables people to receive real-time updates in Facebook Messenger where people can keep track of their transaction data like account balances, receipts, and shipping updates… The idea is that messaging with a bank can be better than waiting on hold over the phone — and it’s completely opt-in. We’re not using this information beyond enabling these types of experiences — not for advertising or anything else.”


What's New in Payments

Apple Pay Cash gets top rating for P2P payments privacy and security

Why Apple Pay is the highest-rated mobile P2P payment service — Consumer Reports — “In our first-ever test-based ratings of P2P mobile services, CR rated Apple Pay the highest overall, with excellent or very good marks in the key consumer-protection measures of payment authentication and data privacy. Apple’s overall rating was significantly higher than for the other services we tested: Venmo, Square’s Cash App, Facebook P2P Payments in Messenger, and Zelle.”


What's New in Payments

Facebook patent sets out how AIs could accept Messenger payments

Processing payment transactions using artificial intelligence messaging services — USPTO — “One or more embodiments use natural language processing to analyze messages from the user to the messaging bot, and from the messaging bot to the user, to identify a product and a request to purchase the identified product. Based on the identified product and the request to purchase the product, one or more embodiments initiate a payment transaction on behalf of the user based on a natural language conversation and without redirecting the user away from the communications session.”


Citi to let customers check their bank account from within Facebook Messenger

Citi joins chatbot arms race, unveils Facebook messenger tie-up that will launch later this year — South China Morning Post — “Citi’s offering will be the first Facebook Messenger-embedded chatbot to let customers access their own financial records and potentially conduct transactions in future. It plans to roll out the service worldwide following its launch in Singapore in March.”


What's New in Payments

Facebook to launch Messenger payments in India

Facebook ready to enter payments in India, begins beta with recharges on Messenger — FactorDaily — “Two sources in the know of the development told FactorDaily that Facebook has been quietly working on building a payments platform, which is independent of WhatsApp payments. ‘The platform will be separate from WhatsApp and will allow peer-to-peer and peer-to-merchant payments,’ said the first source.”


What's New in Payments

Mastercard lets small businesses sign up for mobile payments via Facebook Messenger

Mastercard uses Facebook Messenger to help small businesses go digital — Mastercard — “To get started, businesses can send a request to the bot to enable QR payments, receive approval from the bank, set up an account and start accepting digital payments in a fast, simple and secure manner. Once the account setup process is complete, business owners can print and display the QR code in their stores or save the code on their phones… This Messenger experience will launch in Nigeria”


What's New in Payments

Over half of US consumers are now using a P2P payments service

US consumers and debit: Shift to online may inhibit use — Mercator Advisory Group — “57% of all respondents and 78% of young adults aged 18 to 34 use person-to-person payment services such as PayPal, Venmo, Google Wallet, Facebook Messenger, and others accessible online and in-app by mobile devices and nearly half of them use a P2P service at least once a month.”


What's New in Payments

Facebook expands Messenger P2P payments to the UK

Facebook Messenger payments comes to UK — BBC News — “Facebook has chosen the UK as the first country outside the US to get its Messenger payments service… David Marcus, who runs Messenger, says it is obvious from our messages that we need this. ‘More and more people are having conversations on Messenger about paying one another,’ he explains. ‘As a result it’s a very natural place for you to have the most frictionless and secure way of paying each other.'”



Canadian bank lets customers use learning AI to transact in Facebook Messenger

ATB Financial rolls out world’s first full-featured virtual banking assistant on Facebook Messenger — ATB Financial — “What makes ATB’s virtual assistant unique? Far beyond a Q&A chatbot, its sophisticated banking transaction abilities offer robust personal financial management tools tailored to fit the needs of each individual customer. Customers can seamlessly pay bills, view account balances, send Interac e-Transfers or transfer money between accounts, as well as perform cross-currency money movement all from within their Messenger platform… The virtual assistant is always learning. The more customers engage with it, the more it will be able to do.”


What's New in Payments

Facebook Messenger adds PayPal P2P payments

Send money to friends and family in Messenger with PayPal — PayPal — “We’re excited today to announce an expansion of our relationship with Facebook with the addition of PayPal as a funding source for peer-to-peer (P2P) payments, right in Messenger… We are also introducing our first-ever PayPal customer service bot for Messenger, so PayPal customers can seamlessly receive payment and account support directly in the app.”


Citi Bot to answer customer queries via Facebook Messenger

Citi launches first Facebook Messenger banking chatbot in Singapore that provides customer account information — Citigroup — “Citi Bot will be able to address a range of common customer needs, including account-specific enquiries such as checking of account balances and transactions, providing credit card bill summaries, rewards and points balances and answering frequently asked questions… The second phase of the Citi Bot will introduce more new features such as card activation, ability to lock and unlock credit cards and transaction alerts for cards.”


What's New in Payments

ACCC to question Apple on Westpac chat app payments ban

ACCC to question Apple on Westpac chat app payments ban — Australian Financial Review — “Technology giant Apple’s controversial decision to order Westpac Banking Corporation to disable a mobile banking feature that let customers make payments in chat apps such as WhatsApp and Facebook Messenger has caught the attention of Australia’s competition watchdog, amid concerns it could be attempting to remove rivals to its own upcoming service.”