Facebook has announced the launch of its new feature which allows users to transfer money directly through the Social Media website and application. This feature however is currently being launched only for the US based users.
Users in the US can use the messenger app of Facebook to send money. With this announcement, Facebook has entered into the mobile payment segment and wants the leverage their large number of users for this new feature. The feature is being made available for Facebook’s iOS and Android based Messenger app as well as the messaging box on Facebook. It requires adding of debit card details to one’s account.
For sending money, users need to send a message to the intended recipient. The next step requires tapping on the $ symbol and entering the amount to be transferred. The recipients also need to add their card details the first time. Once they receive the message, they need to open the conversation box. The transaction is effected instantaneously and it would take one to three business days for the money to be credited.
Facebook has specified the security measures being adopted by them. There are multiple levels of applications and hardware for protecting the user details as these include debit card and financial details. These details are stored in a secured environment and are on a separate platform from the one which has Facebook’s member details.
Facebook intends to provide a secure platform which enables users to transact instantaneously online and the large number of users that Facebook already has will benefit them immensely. Once this feature is made available to the users in the United States, Facebook would launch this new feature globally and this could be the next big thing in the mobile payments domain.