Facebook Introduces Feature To Send Funds Via Messenger
By Edward Cardenas
SOUTHFIELD (CBS Detroit) - Facebook has introduced a new feature that will allow users to send or receive money through Messenger.
The free feature will be introduced in the coming months in the United States and allows for money to be quickly transferred between users. The funds are then available within one to three business days.
"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," Facebook wrote in a blog post. "We use layers of software and hardware protection that meet the highest industry standards."
The first time Facebook users utilize the Messenger money service to send or receive funds, they will have to add a Visa or MasterCard debit card issued by an U.S .bank to their account.
After it is added, users need to add a PIN for additional security the next time money is sent. iOS users can also enable Touch ID for added security.
Messenger users can then send money by starting a message with a friend, then tapping the $ icon and enter the amount they want to send. Users then tap Pay in the top right and add their debit card to send money. For those receiving funds, they need to open the conversation from their friend and tap Add Card in the message and add their debit card to accept money for the first time.
Facebook stated that it processes more than one million transactions daily on the site, and will handle all the payments processed on Messenger. Additionally, the payment systems are kept in a secured environment that is separate from other parts of the Facebook network and receive additional monitoring and control. The company added that a team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe.
The feature will be available on Android, iOS and desktop platforms.