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EduPristine>Blog>Send Money to friends through Facebook Messenger

Send Money to friends through Facebook Messenger

March 19, 2015

Last year when Facebook hired PayPal President David Marcus for managing the messaging business, everybody found the move to be a little weird. But now things are clear, Facebook is now trying its hand in the payment field. Yes, now you can transfer money to your friends using the Facebook Messenger. This new feature will roll out in US in the coming months and shall be available to all the android and iOS users.

Sending/Receiving Money through Messenger

Sending money through Facebook messenger

Pic source – http://newsroom.fb.com/news/

To send Money

• Start a Conversation with your friend

• Tap the $ icon and input the amount you want to send

• Tap Pay on the top right and add your debit card

To Receive Money

• Open the conversation from your friend

• Tap Add Card in the message and add your debit card to receive the money for the 1st time.

Yes, it is as easy as eating a piece of a cake and moreover it is free. The money sent, gets transferred immediately and like any other deposit, it will be available in your account within 1 to 3 working days as per your bank’s policy.

Security of Transactions

Facebook processes more than 1 million transactions daily that are made through the advertisers and the game players and assures the users that their card information is safe and secure.

According to Facebook, “The first time you send or receive money in Messenger, you’ll need to add a Visa or MasterCard debit card issued by a US bank to your account. Once you add a debit 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. As always, you can add another layer of authentication to your account at any time.”

So with super convenience and full proof security in transactions, we are sure that this new addition in Facebook is going to give a tough competition to payment companies like PayPal and Venmo.

Share with us your views on this new development in the Facebook Messenger and what more features would you like Facebook to come up with??

About Author

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Trusted by Fortune 500 Companies and 10,000 Students from 40+ countries across the globe, it is one of the leading International Training providers for Finance Certifications like FRM®, CFA®, PRM®, Business Analytics, HR Analytics, Financial Modeling, and Operational Risk Modeling. EduPristine has conducted more than 500,000 man-hours of quality training in finance.

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