Another day, another development from Facebook.
Their latest step forward is the introduction of payments inside their Messenger App.
According to Facebook, the feature “gives people a more convenient and secure way to send or receive money between friends.”
Announced on Tuesday, Facebook intends to roll out payments on Messenger across the US in the coming months.
If successful, it will inevitably scale the globe to Messenger users worldwide.
Users only need to register a card, hit the dollar symbol, type in an amount and press send.
The recipient will get the money straight away, provided they have a card connected to their own account.
That’s how simple it is.
If your friend hasn’t got a card registered, or cannot be reached immediately, Facebook will hold on to the money temporarily, until the transfer can be completed.
Transfers made will be made immediately, though a delayed access on the receiving end is in line with typical bank deposits.
Facebook has conducted millions of secure online transactions since 2007 but believes this new feature will improve the user journey by allowing people to send and receive money without leaving the app. Using a PIN or TouchID, device users can guarantee that only they have the authority to send funds.
Regarding the security of money sent through Messenger, Facebook insist 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. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe.”
The feature is set to roll out for IOS, Android and Desktop users.
Not So New
Many apps allow money to change hands from your phone, including banks, Starbucks, eBay and Amazon to name a few. But the concept of sending cash to friends across a social network in this manner has been seen before.
Snapcash offers people in the US using the self-destructing photo and video sharing app the opportunity to send money to each other by sending a picture featuring just the dollar symbol followed by the amount.
Mobile banking apps like Natwest include a feature to text your contacts money, too.
Over To You
What do you think? Would you send money to friends over Facebook Chat?