Facebook is planning to roll out a new payment service that allows users to transfer money through its Messenger app.
The new payments feature will allow customers to connect their Facebook Messenger with their Mastercard or Visa debit card.
Go deeper with GlobalData
Users of the social network with an Android smartphone, or an iPhone, and Facebook Messenger app installed, can send and receive money, for free by just tapping a ‘$’ button in the app.
The service will allow sending and receiving cash payments from one Facebook member to another as long as the two are connected, or linked as friends.
Facebook said that it will only accept cards issued by US banks. The service will protect users from theft like personal PIN support, and integration with Touch ID for iPhone users.
The new feature will be launched in the US over the coming months.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn order to reduce the risk of unauthorized transactions, users should enter a PIN or use Apple’s fingerprint identification system to confirm transfers.
Facebook said in a statement: "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.
"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."
