Facebook Messenger to Let Users Transfer Money | NECN

Facebook Messenger to Let Users Transfer Money

    processing...

    NEWSLETTERS

    Facebook is launching a new tool to let users transfer money in its Messenger application, competing with services like Venmo and Paypal.

    As seen in the video above, users will be able to tap a dollar sign in the app, select an amount, and then tap send. It will be available across Android, iOS, and desktop.

    Although the money transfer happens immediately, Facebook said it can take one to three business days for the funds to become available to use, depending on your bank.

    Users will need to link their Visa or MasterCard debit card to Messenger the first time they send or receive money. Once added, users can also create a pin to make transactions more secure.

    The company insisted that personal information will be protected in each transaction.

    “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,” Facebook wrote in a blog post. “We use layers of software and hardware protection that meet the highest industry standards.”