Facebook Pay is testing the use of person-to-person QR code payments, allowing users to instantly transfer money with a simple scan.
That’s according to MacRumors, which reported on the proposed rollout Tuesday (April 6) before clarifying that the new payment method is still in the testing phase.
The report says users will be prompted with a “scan” button on the Facebook Pay carousel, allowing users to scan a friend or family member’s QR code, choose an amount and send a payment. Facebook Pay will also unveil personalized payment links, which direct others to a secure page to transfer money to the user’s account.
Introduced in 2019, Facebook Pay is already integrated into Facebook’s various apps, including Instagram, Messenger and WhatsApp. This would be Facebook’s first attempt at physical person-to-person (P2P) payments.
But will users go for it? Scott Harkey, head of financial services and payments at Levvel and a veteran of Apple Pay, told MacRumors that Facebook will have to do some work to convince people Facebook Pay can be a mainstream payment method.
“If someone does a lot of buying on Facebook Marketplace or buys a lot of things from Facebook ads, then you can see how a stored credential and in-app payment mechanism would be the most convenient,” he said. “However, it’s not clear to me why someone would use Facebook QR code for P2P in person. I don’t believe many people currently think of Facebook as a way to transact or transfer money, and Facebook would need to change that perception in order for them to have any meaningful traction in the US.”
But that isn’t to say QR codes are going away. As PYMNTS reported earlier this year, QR codes are “one of the greatest COVID-19 underdog success stories,” making a resurgence at a time when businesses are looking for a way to offer touchless payments.
PYMNTS research found that contactless payments have risen by 150 percent in the past two years, leading to an 11 percent rise in QR code adoption since the start of the COVID pandemic.
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