Last week, a new BBM update became available for BlackBerry, iOS and Android smartphones. With the new BBM update BBM and PayPal are integrating peer-to-peer (P2P) money transfers within BBM.
Confusingly, the betas of BBM include PayPal for seven other countriesÃ‚Â butÃ‚Â this has not yet made it out of beta into the official release.
P2P money transfers will initially be available in Canada with additional European countries and the United States launching in the coming weeks.
Gartner forecasts that the worldwide mobile payment market will have over 450 million users and a transaction value of more than $721 billion in 2017.
A fast growing area of mobile payments is P2P money transfers, which Gartner forecasts to account for almost 69 percent of the total mobile payment transaction value in 2017.
Traditional money transfers are slow and cumbersome, and it is often difficult to connect the sender and receiver. Assurance that the money had been received is also an issue.
BlackBerry is addressing these challenges by integrating P2P money transfers within BlackBerryÃ¢â‚¬â„¢s BBM app. This will provide users on iOS, Android and BlackBerry smartphones an easy and convenient way to send money directly within a BBM chat, without the need to share account numbers or sensitive financial information. Confirmation of the transaction will be communicated in real-time within BBM.
Ã¢â‚¬Å“We are committed to offering new value added services and our collaboration with PayPal gives customers new ways to pay and send money securely from just about wherever they are,Ã¢â‚¬Â said Matthew Talbot, SVP Emerging Solutions, BlackBerry.
Ã¢â‚¬Å“Enabling PayPal P2P money transfers from within BBM shows how weÃ¢â‚¬â„¢re continuing to evolve BBM from the best real-time chat app to a true social engagement and e-commerce platform.Ã¢â‚¬Â
By integrating PayPal P2P money transfer in BBM, users will be able to send money from their PayPal account to other BBM usersÃ¢â‚¬â„¢ PayPal accounts.
Users will initiate the money transfer directly within a BBM chat, by clicking on the Ã¢â‚¬ËœattachÃ¢â‚¬â„¢ icon and selecting PayPal. They will be prompted to connect their PayPal account and can then select the amount of money they would like to transfer. The confirmation of the money transfer is sent to both sender and receiver from within the BBM chat.
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