If you spend a lot of time talking to loved ones on Facebook’s Messenger service and you don’t want to go anywhere else on your smartphone or literally anywhere else, but you need to send money, your problems are now solved. The social network giant will soon allow you to send and receive money to your friends through the messaging app at no extra charge (except for the money that you send of course).
The process is pretty simple. To send money to a friend, you just need to tap on the dollar icon and then input the amount of money you want to send. The top right part has a Pay button and you just click it and your debit card will send the money. If you’re using it for the first time, you’ll be asked to input your debit card details of course (US banks only). To receive the money, you just need to tap the Add Card so you can add your own debit card to accept the money. While the money is transferred immediately, it still depends on your bank how many business days (1-3 usually) it will take for you to be able to withdraw or access the funds.
Of course online security would be an issue for some people, but Facebook is quick to reiterate that they have a history of secure financial transactions in the games and advertising sections of their network. They say that they are using layers of both software and hardware protection to ensure the security of these transactions. In this new feature, you can add a PIN to add more security to your Messenger, as well as the other layers of authentication available on Facebook.
If you feel like you don’t trust Facebook, of course this is something you will not willingly participate in. But if you think that it is a more convenient way of transferring money than wiring it to them or depositing it in a bank, then by all means try it out. That is, if you’re a US resident. It will be rolling out in Facebook’s various platforms pretty soon.
SOURCE: Facebook
Don’t trust your life with Facebook