Clarification:

1. why Meta is making a feature a money transfer feature? whataspp already has a feature are there any learning from that we can use here. (providing more feature and utilising the platform capabilities )

2.is the money transfer going to be in same currency or exchange is also available? (assuming same currency)

3. since meta is more about social networking is the Money transfer feature P2P only or for purchasing some articles.(P2P)

Problem identified:

People using different platforms for payment by registering on other platform, creating a lost opportunity.

Despite having so many Friends No one to share Credit in time of need, on the other platforms.

Low credit score thus limited credit options.

Solution: Making a Feature of P2P on Meta where Individual transactions can be done discreetly. and when a New Credit is Required It can be Shared Socially. their can be a Vouching Feature also where people can Vouch for Credit responsibility thus Realising The true Meaning of SOCIAL CAPITAL.

Success Metrics:

NSM:  Daily No. Of Unique Transactions

L1

Volume of Transactions,

% of MAU vs Opted, 

% Activation(first Transaction),

 %If we are going with the Credit Option/Vouching options we can have a look at Credit Score Generated by vouching

L2 

%P2p, Business

Repeat Users,

Check Meterics:

%of Failed Transaction, 

Drop of Rate from Payment Page, 

Fake Profile/frauds Reported

I will start off with some Clarifying Questions:

1. Is this feature part of Facebook or some other standalone application? – Integrated in Facebook

2. Is it going to use an existing payment infrastructure (eg: UPI in India) or will it be some sort of a wallet? – Wallet

3. Will it be a P2P money transfer app or can users pay bills for utilities and avail other added services (booking movie tickets, flight tickets etc.) – Only P2P to start off with

 

Meta’s mission is to give people the power to build communities and bring the world closer together.

I believe that with P2P payments, Meta will further try to empower its users to build a financially sound community.  For this to happen, I believe the business goal for Meta for this feature could be boiled down to acquisition and activation.

Do you resonate with this? Yes

 

Now, I will try to look at the user journey of a first-time user of Meta’s money transfer feature.

Open Meta -> Engage with the Money Tranfer feature via some banner or some invite link from a friend or organically -> FTUE -> Set’s up wallet -> Selects a friend to transfer money from his friend list; -> If no one found; sends an invitation to set up a wallet. Enters the amount -> Sends the money

 

My aim is to now link these actions with some quantitative metrics that tie up to the goal of awareness & acquisition.

1. CTR of the various acquisition channels -> Will help us understand the awareness of the feature.

2. MoM %age change in FTUE completed by users -> Will Indicate if the value proposition is resonating with the users

3. Average number of invites sent to friends -> Will help in gauging where to concentrate acquisition efforts.

 

Prioritising, I would keep my North Star metric to be the 2nd metric discussed above; MoM %age change in FTUE completed by users

 

I would like to propose a guardrail metric as well; MoM %age change in users who set up wallet/FTUE completed, to understand if people are really trying to leverage the feature or not

Clarification

First off let’s get on the same page regarding what a money transfer feature looks like. What I’m envisioning is basically a Venmo clone integrated into the core Facebook product. Users can send and receive money peer-to-peer as well as send money to businesses. For example, John’s Lawn Care just mowed my lawn and I can send them payment through my Facebook account, with a linked credit card or bank account, to their verified business page. The Facebook core product already has a massive user base so we will integrate it into the existing product instead of making a standalone app.

 

Context

Let’s also make sure we understand the bigger picture here, why is Facebook launching a money transfer feature? Facebook’s mission is to bring the world closer together. By adding a money transfer feature Facebook is making it easier for people to exchange their goods and services thus deriving value from being a member of a community on Facebook.

 

Users

We mentioned this briefly above, but it’s important so I’m going to call it out again. Our users here can either be individual users or organizations on the platform. Both of which can either be senders or receivers of payments.

 

Feature Goal

Facebook the product is incredibly mature and already has ~3B users. A product at this stage is less focused on acquiring new users and more so on keeping their existing users happy. The goal of our money transfer feature will be to increase retention on the platform by increasing engagement.

 

Metrics

For a newly launched feature we’re going to want to measure adoption aka are our users actually using this new thing we’ve built. We can monitor this through:

1. Weekly Active Users: To qualify a user must have sent or received money in the past week

   1. Weekly seems like the right cadence sending / receiving money

 

Once we’ve established users are actually using our feature we are going to want to know how much are they using it? Also known as Engagement.

2. Average number of transactions per user

3. Percentage of users who have sent or received money three or more times in a week

4. Average dollar amount of money being sent or received in a transaction

 

Seeing both adoption and solid engagement for our newly launched feature is great, but I would still be concerned about users coming in and kicking the tires for the sake of it or just playing around with the new shiny toy we’ve built. To address these concerns we would want to look at the retention of our product.

5. Percentage of users who sent or received money the previous week, who also sent or received money this week.

 

Concerns

No set of metrics is perfect so let’s talk about some concerns or gaps that our metrics aren’t addressing.

1. We are launching a new product and started off with measuring adoption. Inherent here is the assumption that we’ve already successfully made users aware of our new feature and they were able to activate it aka put in their financial information / send a payment. Adoption is downstream from both awareness and activation so if we weren’t seeing a lot of adoption we could work backwards to figure out where the issue is.

2. While intentional, the above metrics are pretty top level. They don’t offer much in terms of granularity when it comes to our users or their different use cases. A 19 year old is going to have very different money transferring habits than a lawncare business.

3. Facebook is a complex product with a lot of functionality and when you add a new feature you are inherently competing with the other pieces of functionality for the user’s attention. We would want to make sure we aren’t negatively impacting other areas of the product and more importantly that we are increasing engagement with the Facebook platform overall.

 

Summary

 

As Facebook’s Money Transfer is a newly launched feature we are first going to measure adoption to ensure that users are actually using what we’ve just built. Next we are going to approximate how much value they are getting out of the new feature by measuring their engagement with it and finally we are going to confirm our product-market fit for this new feature by monitoring the retention of our users.