Facebook Adds Money Transaction Feature on Messenger

March 18, 2015, By Sanjeev Ramachandran

We all certainly are aware of Facebook’s shrouded admiration for the e-commerce platform. Virtual gifts, Buy buttons, Facebook Credits and what not. We have experienced all of them already.

Facebook has been producing scores of timely money-based services over the past so many years.

Now they are up for a vault in the process, and that’s by letting you deal with money transactions with the Messenger app.

payments

Certainly it’s not the prattle about any virtual cash service here; we do mean real cash.

Facebook has now brought out the announcement that their Messenger app would be soon rolling out money exchange services, with which you could share money with your friends or relatives with just a click, in a process identical to the ones offered by PayPal’s Venmo and Square Cash.

It isn’t hefty money transactions Facebook is talking about. The social network wants you to realize that it’s not a big pain to pay back for an evening show ticket purchased by your friend, or to lend a hand to your friends for the payment of their weekend gigs.

The update will first open to users in the US, on both Android and iOS devices. The parameter that may force you make the switch to Messenger aided cash transfer is the needlessness of providing any banking details of the recipient.

Messenger users would just have to provide his or her debit card details at first to save it for later use, just like the one e-commerce services we are used to . That’s something beneficial to users and for Facebook in their run towards being an e-commerce provider.

And to start the transfer, just tap the ‘$’ icon on your chat tab. Tap-in the amount and you may be asked for a PIN or an added layer of security, or even a Touch-ID for iOS devices; all of which can be set-up at your will.

The rest is something which concerns none, except for the first time of receiving the payment.  Just type in your debit card details clicking the add card button. Once done, no specific data may be required later to fill in your bank account with the perky payment made by your friends.

Facebook says that it may take up to three days for the money to travel to the other end, but that’s ok when you decide to make some complementary payments. Also there would be no credit card support as of now.

The service would be made available across the US region starting next month. No announcement has yet been made of when the service would be launched in the remaining nations.

But at least, we can sure believe that Facebook won’t withdraw this new money transaction services soon, as they did previously with their Gift and Credit services.

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