Now, send money using Facebook for free

Users will have to link their bank accounts, in order to use the service. (Reuters)

Facebook has introduced a new feature that allows you to send money to your friends with the simple click of a button on the messenger app.

The feature has been introduced in the United States to start with, said a new announcement.

“We’re adding a new feature in Messenger that gives people a more convenient and secure way to send or receive money between friends.

“This feature will be rolling out over the coming months in the US. It’s easy and free,” the media note said.

Explaining the procedure Facebook said that users will have to link their bank accounts, (currently only US banks are included in the list) in order to use the service.

 



 

The feature is introduced via the messenger app and lets the user connect the debit card and tap a new ‘$’ button that has been introduced to send friends money.

The feature can be used via a smartphone or a computer.

“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,” the announcement said.

Once setup, it is pretty easy to send money, says Facebook.

Simply start a message with a friend, tap the $ icon and enter the amount you want to send.

Tap ‘Pay’ in the top right and add your debit card to send money

“To receive money all that users will have to do is tap ‘Add Card’ in the message and add your debit card to accept money for the first time

“The money you send is transferred right away. It may take one to three business days to make the money available to you depending on your bank, just as it does with other deposits,” the note adds.

Facebook also said that it has been processing more than one million transactions daily on the site and therefore, its system and handling processed on the Messenger incorporates some of the best security features.

“We use secure systems that encrypt the connection between you and Facebook as well as your card information when you ask us to store it for you.

“We use layers of software and hardware protection that meet the highest industry standards.

“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,” it added.
 

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