March 18, 2015
Users of Facebook’s Messenger app will soon be able to send money to friends for free.
The payments feature, which will be rolling out to U.S. iOS, Android and desktop users in the coming months, is being billed by Facebook as a “convenient and secure way to send or receive money between friends.”
Once the payment function is installed, sending money is easy. After sending a message to a friend, the user simply taps the ‘$’ icon and enters the amount he or she wishes to send. The user then clicks ‘Pay’ in the top right and adds his or her debit card details to conclude the transaction.
To receive money, simply open the message, tap ‘Add Card’ to add payment information and then accept the money.
“The money you send is transferred right away,” Facebook said in a blog post. “It may take one to three business days to make the money available to you depending on your bank, just as it does with other deposits.”
The first transaction will also require a user to add a Visa or MasterCard debit card issued by a U.S. bank to his or her account.
Users must then create and add a PIN which offers additional security. iPhone users can enable Touch ID if they wish.
Facebook said it is incorporating security best practices into its payments business.
“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,” the company said. “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.”
A team of anti-fraud specialists monitor the payment systems regularly for suspicious purchase activity to help keep accounts safe.
Jennifer Cowan is the Managing Editor for SiteProNews.