Facebook is introducing a new Messenger app that will soon allow you to send money to your friends money. The social network’s latest move is aimed at increasing the connectivity of its users to the e-commerce side of Facebook.
The company announced the service on Tuesday. It’s free, works with debit card and will be available on Android and Apple mobile devices or computers.
The world’s largest social network will manage the processing of payments. Facebook also said that the service has excellent security features. The new service is available only for its users from the United States, but probably will expand internationally over the coming months.
The entire process seems very simple. To send money, Messenger users can click a new “$’’ icon that will be placed near the button that let you send photos or stickers. The user must then enter the amount that he or she wants to send, push “pay” and enter the debit card number. In order to receive money for the first time, the user must enter the card number. If users already have a debit card already registered with Facebook from ads, gaming or donations, they can use that, as well.
For security purposes, after the card number is added, the user can create a pin code, which will be needed for further transactions. Some Apple devices, equipped with Touch ID, the pin code can be replace with a fingerprint check.
Facebook said that it now processes over 1 million payments a day through its games and ads platforms, and that the new service was built using that experience. Transactions and payment info will be encrypted, and the social network added that the entire process is monitored and controlled non-stop.
After the user has hit “Pay”, the money is taken from their debit account and delivered to the intended debit account. According to Facebook, the social network will never hold the money, but the entire process might take some time. The receiver’s bank will usually take two or three days to complete the transaction and make the money available.
Users will receive a confirmation message, from which they can learn what is the transfer status and time.
Facebook will ask users some extra financial security questions before a suspicious transfer. The service will not be availabale for companies.
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