Free service to launch in US over coming months
Facebook has stated it is set to add a new feature to its Messenger application that allows users to send and receive money.
The social networking site claims the service will provide users with a more convenient and secure way to send or receive money between friends. This feature will be rolling out over the coming months in the US on Android, iOS, and desktop, and will be free.
For Facebook users in the US, to send cash to a buddy, users need to log onto Messenger, tap the dollar sign icon and enter the amount they want to send. They then just tap ‘Pay’ in the top right corner, and add their Visa or MasterCard debit card details (registered in the US) to send money.
Users are also given the option of creating a PIN to provide additional security the next time they send money. On iOS devices users can also enable Touch ID.
To receive money, a user must open the conversation from their friend, tap ‘Add Card’ in the message and add their debit card to accept money for the first time.
Money sent is transferred immediately, although it may take one to three business days to make money available to the receiver, depending on the bank.
Facebook said that as a dependable and trusted payments processor for game players and advertisers since 2007, it processes more than one million transactions daily on the site and will also handle all the payments processed on Messenger.
In a blog Facebook commented: “Incorporating security best practices into our payments business has always been a top priority. We use secure systems that encrypt the connection between you and Facebook as well as your card information when you ask us to store it for you.
“We use layers of software and hardware protection that meet the highest industry standards. These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receive additional monitoring and control. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe.”
