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Facebook & Clubhouse dress up as VenmoINTL

Facebook & Clubhouse dress up as Venmo

It’s no news that social media platforms enjoy being at each other’s throats. But then again, isn’t imitation the more sincere form of flattery?

Inspired by Venmo, Facebook (FB) confirmed it’s testing a new payment feature via QR codes connected to Facebook Pay. The system, which is currently being tested in the US, makes it easier for FB users to send or request money from each other by simply scanning a QR code with their smartphone’s camera.

Meanwhile, Clubhouse (who must have also seen the FinTech light) has developed a feature called Clubhouse Payments. This allows users to send money to their favorite content creators who have the feature enabled (it’s worth noting that Clubhouse is not taking any cuts from the payments). You may as well tip all those influencers helping you get through the pandemic, right?

why it matters
As FinTech is a hot industry right now, it's no wonder non-finance companies are looking to ride the wave, whilst also diverting from ad-reliance. Besides, for Clubhouse at least, exploring content monetization will also boost the quality of its content. PS, other startups benefiting this space include Cameo and OnlyFans.