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Facebook introduces money transfer feature on its Messenger app

Social
networking giant Facebook recently introduced a new feature in Messenger that gives
users a more convenient and secure way to send or receive money between
friends. According to the company the new payments feature will be rolling out
in the coming months in the US across Android, iOS, and desktop.

Social
networking giant Facebook recently introduced a new feature in Messenger that gives
users a more convenient and secure way to send or receive money between
friends. According to the company the new payments feature will be rolling out
in the coming months in the US across Android, iOS, and desktop.

Soon, American
users of its Messenger app will be able to link their debit cards to the
service and use it to message money to one another just as easily as they send
a snapshot or text. Facebook’s new payments feature encourages users to store
their debit card info on the company’s machines.

According to
Wired Magazine, this payment feature will likely fuel Facebook’s efforts to
transform itself into a kind of e-commerce engine that competes directly with
the likes of Amazon. The company is already testing a “buy” button on its
social network that lets users instantly purchase stuff that shows up in their
newsfeed. Now, that buy button will becomes more powerful if users have already
entered their card into Facebook.

Last year, David
Marcus, the CEO of payments giant PayPal, had joined Facebook to oversee
Messenger. And later, on a Facebook earnings call, Founder & CEO Mark
Zuckerberg indicated that Messenger would dovetail with some sort of
peer-to-peer payments service. Here is how it works:

Sending money:

  1. Start a message with a friend
  2. Tap the $ icon and enter the amount you
    want to send
  3. Tap Pay in the top right and add your
    debit card to send money

Receiving money:

  1. Open the conversation from your friend
  2. Tap Add Card in the message and add your
    debit card to accept money for the first time

The money users
send is transferred right away, but it may take one to three business days to
make the money available to the user depending on one’s bank, just as it does
with other deposits.

Recently,
Facebook recently made its move into the highly competitive e-commerce space
after it acquired
shopping search engine ‘TheFind.’

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