Facebook Pay

I've never really seen any discussion on this, and I'm not sure if it's a horribly stupid idea.

Basically, the other day I bought my little brother a GPU on my credit card so he could get cash back. He sent me the money back through Facebook by entering his debit card in. I put my debit info in once I received the payment, and it was instantly in my bank account.

No fee at all and I don't think they accept credit cards. I searched for a while and could to find any info on charging these payments back.

Think this could be a useful free method for smaller trades? What would the downsides be?

Oh, also, there is a $300 limit per week on my account.

 

sounds pretty good at first,
but the 300 usd limit per week is garbage :/
they should increase the limit

 

I think you can if you submit ID

 

So I glanced into this, the max is $500.

Payments in Messenger | Facebook Help Center | Facebook

The issue with this for online transactions is it takes up to 3 days to arrive, and due to bank being reversible, somebody can send the money, ull see it being wired and arriving in 2 days, then they go in and ask their bank to reverse it, theres no dispute process(same issue even if u wait for it to arrive).

Scammers would have a field day, its like skrill but without any chance of winning for the seller, literally a bank reversal would have a 100% win rate for the buyer, literally every transaction would be at risk because u cant submit ID and shit that we would get to facebook lol.

I also cant find anything regarding if they even have support for it, I'm assuming it falls under tech issues(not sending/receiving), I'm 99.9% sure facebook would tell you contact the persons bank which is obviously going to be impossible.


I cant see this being used.

See here facebook just points you to your bank, doesn't even say a place to contact them:
Once you've added a debit card issued by a US bank to your account, money is transferred right away, but your bank may take up to 5 business days to make it available to you.
If you've been sent money but it hasn't appeared in your account after 5 business days, try contacting your bank by calling the number on the back of your debit card.


+ it's illegal according to FB's policys:
No, sending or receiving money in Messenger should only be done with your friends and family. If you send or receive money in Messenger for your personal business, you may lose the option to use payments features on Facebook (ex: Payments in Messenger, ads).
Keep in mind you should never ask anyone for their payment info in Messenger.


Mabey for the payment to a friend(if he has 3-5 days to wait?), this would work but otherwise this would be terrible for online business.

 

Anything involving a credit/debit card is the same risk regardless of the platform. Bus outlined why above, so you're best of just sticking to bitcoin or WU if you're looking for an irreversible payment method.