Finally Facebook has officially announced the new Free Friend-To-Friend money transfer feature in its Messenger application. Earlier there were many reports about this on the internet. Facebook has started rolling out this new feature for its users in U.S and it is expected that at any time in future it will be available to other parts of the world.
When the users will receive this feature they will see a new ‘$’ sign in their messenger application. When users will tap on the ‘$’ sign they will be able to transfer money with their friends. To access this new feature users will have to connect their Visa or MasterCard debit card with the messenger for sending or receiving money. Whereas while receiving money for the first time users will have to register a card before the transfer process gets started. For transferring money users will just have to tap on ‘$’ and after confirmation from the receiver money will be transferred within next 3 business days.
Facebook has given us the video which demonstrate the procedure of money transfer. The main reason for adding this feature in the Facebook messenger is because it is the world’s second most commonly used messenger after Whatsapp and Facebook doesn’t want its users to open another application like PayPal or Venmo while they talk to their friends about payment of bills or settling debts. The video which shows this feature uses an iPhone so it is confirmed that it will work on Android, iOS, and Desktop without any fees.
Facebook says that the payment systems are kept in a secured environment that is separate from other parts of the Facebook network and it receives additional monitoring and control. Payment System is controlled by an anti-fraud team because Facebook knows that money is very important.
