Facebook to cease P2P payments in France and the UK

Wednesday 17 April 2019 09:25 CET | News

Facebook has announced that it will be discontinuing peer-to-peer money transfers via Messenger in Europe.

The social media company announced that it would be discontinuing the service starting with 15 June 2019 in the two countries in the region where it was launched, the UK and France. It appears that for now the service will remain active in the US, where Facebook holds a number of money transmitter licenses, according to TechCrunch.

However, users will still be able to complete other transactions through Facebook, such as making donations to charitable organisations. A spokesperson for Messenger said that the company made the decision after evaluating the need for the service in this region.

The company reported in its last quarterly results in January 2019 that payments and other services generated just USD 274 million in the quarter, compared to USD 16.64 billion in advertising. Europe accounted for a measly USD 64 million of that, the online publication added.

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Keywords: Facebook, P2P, money transfers, UK, France, remittances, money transmitter licenses
Countries: World

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