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Facebook Clones Venmo

Facebook is taking it to Venmo but it has a challenge ahead as Venmo is a clear category-king: "Facebook Messenger is rolling out Venmo-like QR codes to help users pay each other even if they’re not friends on Facebook. The feature is first debuting with users in the U.S. and is accessible by tapping the Facebook Pay tab on Messenger. Users will have to connect their debit card, PayPal account, reloadable prepaid card, or government-issued bank card to send or receive money from friends. But Facebook has an uphill battle if it plans to challenge its growing rival Venmo. The PayPal service processed about $51 billion in payments during the first quarter, an increase of 63%". Fortune.