BIRMINGHAM, Ala.—Facebook has introduced a new application that allows P2P payments.
Facebook, which has facilitated online payments to apps and other services, just introduced the payment service that is linked to its Messenger app.
“In order to facilitate payments, the 500-million-plus users of the Facebook Messenger application can now directly transfer money from within the application itself with ease,” explained John Oldshue, founder of SaveOnPhone.com here. “The benefit of such a feature is that direct transactions will require users to jump through less hoops than those required when transferring money via traditional financial services.”
The new service is free and allows users to utilize icons on the Messenger app to send the information. To send payments, users type the "$" icon located on top of the keyboard, enter the intended amount, and then confirm the payment by finding the "Pay" icon in the top right corner of the app, Bidness Etc reported. Facebook Messenger payments support debit cards issued by U.S. banks that run on the Visa and MasterCard networks to finalize the payment. Receiving the money requires the recipient to open a chat and then add their own debit card to transfer the money to their account. Transactions can take up to three business days owing to processing, but the funds are transferred immediately through the application.
On its website, Facebook explained the payments method is secure.
“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,” stated Facebook. “We use layers of software and hardware protection that meet the highest industry standards. These payment systems are kept in a secured environment that is separate from other parts of the Facebook network and that receive additional monitoring and control. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe.”
Since Facebook plans to help facilitate the payments facility to known recipients, and since majority of the Facebook users have most of their friends and acquaintances added already, Oldshue predicts the feature will be embrace by Facebook users.