Facebook enabling peer-to-peer transfers in coming weeks
Facebook is entering the world of peer-to-peer payments in the UK for the first time in the company's history, allowing users of its Messenger app to transfer up to £2,500 with zero fees. To prevent fraud, Facebook has set a limit of £10,000 of transfers every 30 days, though data from the US suggests most users transfer £38 or less.
Facebook is leveraging its scale to muscle in on the banking sector by enabling peer-to-peer payments in the UK for the first time.

Facebook flexes financial muscles with new payments service

Users of its Messenger app will be able to transfer cash directly from their phones or computers over the coming weeks after first linking their account to a debit card, enabling fee-free payments of £2,500 to be made.