How would you like the convenience of sending money to your friends to cover the cost of concert tickets, Girl Scout cookies, or for whatever else you might need to send money to your friend. Only this time when you go to send the money you are sending it via the Facebook Messenger app!
That’s right, Facebook has added a new feature in Messenger that will give people a more convenient and secure way to send money to your friends. It isn’t available just yet, but they will be rolling it out over the next few months to US residents and will be available on Android, iOS, and desktop.
To send money:
Start a message with a friend
Tap the $ icon and enter the amount you want to send
Tap Pay in the top right and add your debit card to send money
To receive money:
Open the conversation from your friend
Tap Add Card in the message and add your debit card to accept money for the first time
The money you send is transferred right away. 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.
This is all to be done on a secure network thanks to Facebook. They will be using the same dependable and trusted payments processor that they’ve been using for game players and advertisers since 2007. Facebook has already processed more than one million transactions daily on the site.
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.
When the time comes to send or receive money in Messenger for the first time, you will need to add a Visa or MasterCard debit card that is issued by a US bank to your account. You’ll then need to create a PIN to provide additional security for the next time you send money. Those of you on iOS devices you can also enable Touch ID. You can even add another layer of authentication to your account at any time.