Facebook has just secured an e-money license from the Central Bank of Ireland in October. As Ireland is a member of the European Union, the license also applies to the other 27 EU states.

This means that Facebook users can send and receive money to one another through Messenger, as long as the payment is conducted within the European Economic Area (EEA). Other payment services include making donations to charities registered in the EEA and money remittance.

This feature is not new. In fact, it was first launched in America in March last year. Users can send payments through Facebook Messenger by simply opening a chat to the person they want to send money to, click on the “$” icon, enter the amount they wish to send, add their debit card information and click ‘Pay’. This payment feature encourages Facebook users to spend more time on Facebook without having to turn to alternative P2P payment services and value adds to the Messenger app.

This is Facebook’s first step into the European peer-to-peer payments market, and we look forward to seeing what Facebook plans to do next.

About FOMO Pay Pte. Ltd

FOMO Pay is the first authorized WeChat Pay & Baidu Wallet partner in Southeast Asia, and was selected as one of the TOP 100 Asian Companies by E27, TOP 100 Startups by Red Herring Asia, and Top 8 by DBS’ FinTech Accelerator Program.

FOMO Pay provides a one-stop solution for overseas merchants by facilitating payment collection from the China market, including Chinese tourists. This comprises of online/offline Chinese payment modes, such as WeChat Pay, Alipay and Union Pay.

FOMO Pay’s business solution serves clients from a wide range of industries, including the telecom, publishing, tourism and hospitality, F&B, education and retail industries.