Facebook May Turn Messenger App Into Mobile Wallet

Facebook is planning something really big with its Messenger. It wants to make it an “Everything App.” It seeks to turn it into an app that pays for things.

The Information reported Tuesday the social giant could turn the app such feature rich that can make digital transactions and could in future even pay for physical goods in stores.

However, at this point of time it is not know whether the company could go head-to-head with other companies that offer mobile wallet services to users of smartphone.

Earlier this year, in January, Facebook CEO Mark Zuckerberg said the company would “partner with everyone who does payments… We look at the stuff that Apple is doing with Apple Pay, for example, as a really neat innovation in the space that takes a lot of friction out of transactions as well.”

The CEO added further they are not looking to make money out of the new service by taking a cut, but the company is looking ahead to boost in e-commerce to enhance its advertising business.

In one of the recent interviews with FORBES the company mentioned they are working with about two dozen business houses including Uber to set up official accounts on Messenger.

Edison Investment Research analyst Richard Windsor said the real secret of the Messenger payments feature is not the app but its backend as well as fulfilment. As of now it is not very clear how it will work, but it is believed Facebook would be able to manage in creating a thriving ecosystem on the app and this could double its revenues five years down the line.