Facebook, yesterday, announced the addition of a new feature to its Messenger app that allows friends send and receive money at no cost.
To make use of this feature, users will need initiate a message with the friend, click ‘$’ icon, link their Visa or MasterCard to the Messenger and enter the amount to be transferred. Users will be required to create a PIN that will be used for transactions. In addition to this, iOS users will be able to use the fingerprint reader security feature to carry out any transfer.
Recipients of the transferred fund, on the other hand, will simply need to open the conversation with the sender and click on “Add Card”. This process is only required for their first transaction.
According to the announcement by Facebook, “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.”
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In 2014, Facebook hired PayPal’s president David Marcus to lead Facebook’s mobile messaging platforms and this new development is a clear indication of his purpose in the company.
The new payment option will be rolled out in the United States across Android, iOS and desktop over the next couple of months.