 | | Insights Beyond the Headlines | | Facebook is going where no other major P2P payments provider has gone before...The UK Facebook announced that it's launched its Messenger P2P payments service in the UK after getting all of the major banks and card firms onboard, according to Finextra.
With neither Venmo or Square Cash currently available in the UK, Messenger's only competition is the bank-owned Paym, which doesn't have much notoriety.
Facebook Messenger won't be alone for long, however, as it's expected to have competition from Apple's forthcoming iMessage payments service shortly.
Facebook's M virtual assistant will be worked into the service to detect when peers are discussing money and suggest the feature.
A new report from BI Intelligence Business Insider's premium research service examines what's driving this shift to mobile P2P and explains why companies need to find a way to capitalize on it quickly. It discusses how firms can use the tools they have to gain in the P2P space, details several cases, and evaluates which strategies might be the most effective in monetizing these platforms.
In full, the report: - Forecasts the growth of the P2P market, and what portion of that will come from mobile channels, through 2021.
- Explains the factors driving that growth and details why it will come from increased usage, not increased spend per user.
- Evaluates why mobile P2P isn't profitable for companies, and details several cases of attempts to monetize.
- Assesses which of these strategies could be most successful, and what companies need to leverage to succeed in the space.
- Provides context from other markets to explain shifting trends.
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