Facebook is the world’s largest social media platform, with over 2.9 billion monthly active users as of the second quarter of 2022. Given its massive userbase, Facebook has evolved beyond just a platform to connect with friends and family – it’s now used for marketing, advertising, commerce and more.
One feature that Facebook lacks is the ability to send peer-to-peer payment requests directly on the platform. Unlike other social media and messaging apps like Venmo, PayPal or WeChat, there is no native option within Facebook to request or send money to other users.
This often leaves people wondering: Why can’t I send a payment request on Facebook? Is this a feature that will be available in the future? What are some alternative options if you need to request money or split expenses with Facebook friends?
Why There’s No Payment Feature on Facebook
There are a few key reasons why Facebook does not currently have a built-in payments system that allows users to send payment requests or peer-to-peer transactions.
Focus on Ads and Commerce, Not Peer-to-Peer Payments
The main focus of Facebook’s product development and revenue generation is on advertising, business pages and commerce – not direct payments between users.
For example, Facebook has invested heavily in commerce features for businesses, such as Facebook Shops and Instagram Shopping. There are also ads across Facebook and Instagram, which account for 97% of the company’s overall revenue.
Peer-to-peer payments don’t align as well with Facebook’s core business model, which is centered on user data and advertising. Developing a payment feature requires significant investment in areas like fraud prevention, regulatory compliance and customer support – areas that are not Facebook’s primary focus.
Concerns Over Security and Fraud Risks
Allowing direct payments between the billions of users on Facebook comes with inherent fraud, scam and cybersecurity risks.
Being proactive about security is crucial for any payments product, as money transactions can open up vulnerabilities for things like hacking, identify theft or financial fraud if not properly protected.
Facebook likely decided the security and fraud risks outweighed the benefit of adding payment features, especially as its core business does not rely on transactions between users.
Regulatory Requirements and Licenses
To enable payments between users, Facebook would have to obtain licenses to operate as a money transmitter or financial services provider in relevant jurisdictions.
There are also strict anti-money laundering (AML) and know-your-customer (KYC) regulations that Facebook would need to comply with by collecting user data and monitoring for suspicious transactions.
The regulatory requirements introduce overhead that does not align with Facebook’s current business model. Large technology companies like Amazon, Apple and Google have only recently started pursuing licenses to offer payment services due to the regulatory burden.
Alternative Ways to Request Money on Facebook
While you can’t natively send peer-to-peer payment requests on Facebook today, there are some alternative options to request money or split expenses with Facebook friends.
Invoice Apps
A simple option is to use a third-party invoicing app that integrates with Facebook Messenger, such as InvoiceSimple, Invoicera or QuickBooks Invoicing.
These apps let you connect your Facebook account and send payment requests or invoices to friends and family right in your Facebook Messenger conversations. The recipient can then pay the money request using credit card, bank transfer or other payment methods offered by the invoicing app.
Peer-to-Peer Payment Apps
Dedicated money transfer and peer-to-peer payment apps like Venmo, PayPal, Cash App or Zelle allow you to connect your Facebook friends and send payment requests.
Most of these apps have a news feed or social networking component, so you can post public or private payment requests and see payment activities among your networks or communities.
Money Transfer via Messenger
On Messenger itself, you can send or request money using PayPal or Venmo integrations without leaving your conversation.
To do this, tap on the plus icon in a Messenger chat and select the Payments option. You can then authorize payments via PayPal or Venmo without installing any new apps.
The recipient will have to set up their own PayPal or Venmo account to complete the money transfer.
Group Expense Sharing Apps
To split shared costs like a dinner bill, vacation rental or group gift, specialized expense splitting apps like Splid, Splitwise or HouseTab work well.
Connect your Facebook friends on these apps, organize bills or expenses in group chats, and send payment requests to split the cost evenly or by custom amounts. The apps track who has paid their share and reimbursements owed.
Facebook Groups and Fundraisers
For broader money collection from a community, you can create Facebook Groups or Fundraisers focused on a shared cause or activity.
Group members can coordinate payment requests and money transfers for things like community projects, events, gifts or donations to group members in need.
Linking Payment Apps or Accounts
You can include your payment app username or link to a PayPal.Me page in your Facebook bio or posts to encourage payments. People can use these connections to look you up and send funds from their preferred money transfer app.
Embedding payment buttons, links or QR codes for payment apps in your Facebook presence lets people quickly send money without manual look ups or transferring between apps.
Will Facebook Add Payment Features?
While native payment capabilities don’t currently exist, there are signs Facebook may add some forms of peer-to-peer payments or money transfer features down the road.
Facebook Stablecoin Project
In 2019, Facebook announced plans to launch a cryptocurrency and digital wallet called Libra (later renamed Diem). The stablecoin project faced regulatory hurdles and was eventually sold off to a private investment firm in 2022 before launching.
But Facebook’s interest in creating a native payments ecosystem hints that financial services could eventually be integrated with their social platforms in some capacity.
WhatsApp Payments
Facebook already facilitates payments in WhatsApp, its popular messaging app. WhatsApp Pay launched in Brazil in 2020 and has since expanded to India, Mexico and some other markets.
The stage is set for WhatsApp Pay to eventually expand worldwide, which could bring payments infrastructure across all Facebook’s apps and billions of users.
Money Transfer Patents
Facebook has patented various money transfer technologies over the years that detail potential peer-to-peer payment capabilities among users.
Their research around blockchain, payments and user identity systems indicates Facebook still has long-term interest in payments, even if not yet realized in its products.
Financial Services Ambitions
Across the technology landscape, big tech firms like Apple, Google, Amazon and Uber have been ramping up financial services offerings in areas like credit cards, banking, loans and payments.
Facebook will likely feel pressure to keep pace and match the financial capabilities of peers like PayPal, Amazon Pay and Apple Pay to remain competitive. An integrated peer-to-peer payment feature is a natural extension of its commerce and fintech aspirations.
Conclusion
While Facebook currently lacks any native way for users to send money requests or peer-to-peer payments, there are signs this could change down the road. But for now, the best options are to use third-party payment apps integrated with Facebook or Messenger to request money from friends or groups.
Facebook’s main priority is still its ad-driven business model. But as the lines continue to blur between social media platforms and financial services, the introduction of payments capabilities seems inevitable.
It’s ultimately a question of when, not if, seamless peer-to-peer payments will be enabled between the billions of users on Facebook. Until then, third-party payment apps fill the gap for those looking to request money or split expenses with Facebook friends and connections.