When Mark Zuckerberg recruited Ex-PayPal president David Marcus to head the affairs of Facebook Messenger three years ago, few understood the motive behind this move, but now it is crystal clear for everyone to see: Facebook is set to allow its users to send and receive money via its standalone Messenger.
Mark recently hinted on the integration of a payments service into Facebook standalone messenger. Stressing that “The payments piece will be a part of what will help drive the overall success and help people share with each other and interact with businesses.” However, he urged Wall Street not to get too foamy at the mouth because it may be awhile since “there’s so much groundwork for us to do.”
He urged analysts and investors to revise their estimates of Facebook’s revenue if they expected this to come quickly. “To the extent that your models or anything reflect that we might be doing that, I strongly encourage you to adjust that, because we’re not going to. We’re going to take the time to do this in the way that is going to be right over multiple years” Zuckerberg concluded.
According to screenshots and video taken using iOS app exploration developer tool Cycript by Stanford computer science student Andrew Aude, all Facebook has to do is simply turn on the feature and users will be able to send money in a message similar to how they can send a photo. Users can add a debit card in Messenger, or use one they already have on file with Facebook. An in-app pincode also exists for added security around payments.
The presence of payments code in Messenger was first discovered by security researcherJonathan Zdziarski last month. Earlier today, Techcrunch writer Josh Constine reveals his conversation with a young computer scientist [Andrew Aude].
Aude tells me he used Cycrypt to dig into the Messenger for iOS code on his jailbroken iPhone and turn on the payments feature to nab the screenshots and video. I contacted the company to inquire about Messenger payments. Facebook declined to comment.
Aude played around the with feature and its code. He tells me you simply hit a button to initiate a payment, enter the amount you want to send, and send it. Facebook keeps the transaction private and doesn’t publish anything about it to the News Feed.
EwtNet believes that Facebook has the potential to dominate both messaging and payments service globally if the Messenger Payments becomes a success.