Facebook messenger set to enable money transfers

Facebook messenger will soon make it possible to transfer money between users.

It will be possible for users to send money to family and friends through secure technology that will initially be rolled out to users in the US on the iOS, Android and desktop formats over the coming months.

Users will be able to send money through the service whenever they begin a new messenger conversation by tapping the $ icon, which will prompt them to enter the amount they want to pay and their credit or debit card details.

In order to retrieve money, users will need to open up conversations and tap the “add card” option. When their personal information is entered, money will be transferred instantly, but it could take between one and three working days for it to become available.

After the feature has been used once, people will have the option to add PIN protection to provide extra security for the next time they spend cash, meaning they will not need to re-enter their personal details.

In a blog post, Facebook explained: “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.”

Facebook also emphasised that security is one of the top concerns for the team, stressing that the protection it uses will meet the highest security standards possible in the market.

Now that online banking has proven to be an effective way of managing money for many years, more and more companies are looking into online payment services. 

The technology could open up new doors for marketers looking to increase their revenue from social media and, in future, it will be interesting to see if Facebook takes the plunge into the retail market. 

Posted by Jon Aspinell
Ashdown Marketing Recruitment – 12.5% Fee / 3 Month, 100% Rebate – Transparent Recruitment Fees Since 1999.Sign up to our e-newsletter service to receive our headline news directly to your inbox

Facebook messenger set to enable money transfers