Facebook Launches Money Transfer Feature Within Messenger

Image Source: Facebook Newsroom

Image Source: Facebook Newsroom

Facebook has launched a new feature in Messenger that gives people a convenient and secure way to send or receive money between friends. This feature will be rolling out over the coming months in the U.S, but the company didn’t specify when it could be launched in different geographies.

To transfer funds to a friend, all users have to do it tap the ‘$’ button with in a chat and enter the amount. Hitting the ‘Pay’ button and then add debit card details to send money. Once the message is sent, receiver need to open the chat and add their debit card details for the first time to accept the money. Both sending and receiving money is done free of charge.

Facebook released its own payment processor for game players and advertisers in 2007, the company claims its solution processes more than one million transactions daily on the site and will now also handle funds transfer through Messenger. The payment system makes use of encrypted connections between itself and users as well as also encrypts a user’s card details when they choose for Facebook to store it.

The company claims that 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. Using the new feature for the first time, users will have need to add details of their Visa or MasterCard debit card issued by a US bank. Doing so suers can create a 4-digit PIN to provide additional security next time they send money. In case of iOS devices, users will also be able to authenticate payments through TouchID.

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The new feature payments is being rolled out for iOS, Android and desktops across the US.

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