The social network, Facebook has announced that its shutting down its P2P money transfers via Messenger in Europe. The announcement came on the Facebook’s Help page on April 16th stating that the service that allows users to send money to each other will be discontinued in the two countries in the region where it was rolled out – The U.K and France by June 15 of this year.
Facebook is not completely shutting down payments all together in Europe and will continue to let users to donate to charities through Facebook itself. It seems the service will remain active in the U.S, where the social media giant holds a number of payment licenses.
In a short statement on its main help page for the payments service Facebook announced:
“On 15 June 2019, we will discontinue P2P services on Messenger or through Facebook messages for all residents in the UK and France,” the company noted. “While you won’t be able to exchange money with friends and family, you’ll still be able to complete other transactions through Facebook, such as making donations to charitable organisations.”
A Spokesperson for Messenger has stated: “We are terminating the ability to send and receive payments in Messenger in both the UK and France effective June 15. After evaluating how we give people the best experiences in Messenger, we made the decision to focus our efforts on experiences that people find most useful. Users have been notified in preparation for this change.”
Failing to give an explanation for the reasoning behind the shutdown, it is thought that it could have something to do with their new foray into the blockchain industry. The Facebook stable coin has been rumoured to make debut in 6 months’ time and has already started to have meetings with various cryptocurrency exchanges, peaking the interest of Silicon Valley-based Bitcoin pundit Tim Draper. Draper had said, ‘’I am interested to hear the story….We will see if it’s a fit.’’