Facebook’s new feature will allow users to send money to their friends via the Facebook Messenger app.
Facebook, the social networking giant, have recently announced a new feature coming to their Messenger app that will allow users to transfer money between one and another for free! It is believed that this feature will be for people who are in the US; however it is currently unknown if the feature will be extended to somewhere out of the states.[divider]How will it work?[/divider]
According to newsroom.fb.com, in order to send money, you start a message with a friend, tap the ‘$’ icon and enter the amount of money you wish to send. You then tap ‘Pay’ in the top right and add your debit card to send money. Similarly, in order to receive money from a friend, you open a conversation and tap the ‘Add Card’ in the message and add your debit card to accept money for the first time.
The first time you send or receive money in the Messenger app, you will need to add a Visa or MasterCard debit card issued by a US bank to your account. Once you add a card, you can create a PIN to provide additional security the next time you send money. On iOS devices, you can also enable Touch ID.
It has been reported that the money you send will be transferred almost instantly; however it could take anywhere from one to three working days to make the money available to you depending on your bank, just like with any other deposits.
This is not the first application to have this feature implemented. Other social apps such as Snapchat and Vimeo allow users to transfer money between two people, but it seems Facebook have joined the competition once again.[divider]Security[/divider]
Some of you may be cautious when sending money online, especially with the amount of scams and cyber attacks happening on websites all of the time. Facebook have taken security into serious consideration and thus fourth have decided to move to reassure users that the system will be safe and secure.
A spokesman at Facebook said: ‘A dependable and trusted payments processor for game players and advertisers since 2007, Facebook processes more than one million transactions daily on the site and also handles all of the payments processed on Messanger’.
He followed by stating: ‘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 payments 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’.[divider]Is it necessary? [/divider]
In all fairness, there are more companies than ever trying to get you to send money through their services, whether it is from your bank or from a mobile application. Although more than 500 million people use Facebook*, the percentage of that is going to be quite small if this feature is only going to be available for US users. To get ahead of the competition, Facebook would need to expand its service to meet the rest of the people living elsewhere.
While Facebook is an ever growing company, many people fear that there still might be some security flaws in their systems, which could make them a little sceptical about using this new feature. Nevertheless, it looks like Facebook have been giving it their best to make sure your personal information is not easily passed on, but as this feature hasn’t even been released yet, it’s too early to say whether or not the extra measures Facebook have been providing will work.
Will you be taking advantage of the new feature when it comes out? Will you be using more trusted forms of online payment such as PayPal? Tweet @TechFlyOfficial to let us know what you think, as well as keep up to date on new articles and news that may follow.
*Information in accordance with visual.ly.