With quick mobile and online payment options now readily available and accessible across the vast Internet, carrying cash is becoming less and less necessary when purchasing just about anything today.
Now, with mobile payments becoming a huge industry in and of itself, it comes as little surprise that a company the magnitude of Facebook wants in on the action.
Recently, Stanford Computer Science major Andrew Aude took a closer look at Facebook Messenger’s code and found that Facebook is positioned to allow Facebook friends to send and receive payments between one another.
While Facebook has yet to comment on the young man’s discovery, this could be a game changer in the world of mobile payments that could extend far beyond just payments between friends.
Aude also uncovered hints of future PayPal integration in the code, but said it wasn’t available yet.
According to Digital Trends, Aude says Facebook has to pay a certain amount for each transaction. “Based on my understanding of the debit interchange rates,” Aude is quoted in the report, “each transaction will cost Facebook roughly $0.40 to $0.50 (Durbin swipe fee + ACH fee). The app didn’t mention a fee to send, so it’s probably free, at least initially. Over time they might add a $1 fee.”