In several months, Facebook will roll out person-to-person money transfers in its Messenger apps for iOS, Android, and the web, the social network giant said on Tuesday.
Facebook Messenger to launch mobile payments
To make a payment via Messenger, users will just need to tap the new dollar sign button, enter the amount, and then select Pay. To send or receive cash, it’s necessary to add a Visa or MasterCard debit card issued by a US bank to your Facebook account.
It’s not clear when (or if) the service will roll out internationally – presumably, after a successful trial period, it will be available everywhere.
Once you’ve added credit cards to Facebook, you can also add a custom PIN, and use two-factor authentication as another layer of security. Apple users will be able to use their fingerprint (as new Apple mobile devices have a Touch ID fingerprint sensor built-in) instead of a PIN.
Facebook says the new payment systems are kept in a “secured environment that is separate from other parts of the Facebook network,” and subject to extra monitoring. This includes an anti-fraud team that will look for suspicious transfers.
Apparently, it may also take one to three days for cash to become available, once you have sent to a friend. Facebook Messenger isn’t actually the first chat service to provide payments between its users – Snapchat already has a similar feature called Snapcash.
Would you send money using Facebook? Do you trust the company to keep your personal data secure and private? Let us know in the comments below…