Facebook has added the ability for friends to send money to each other using the Facebook Messenger app.
Some users in the United States can now send and receive money using the chat app, which will take 1-3 days to appear in the user’s bank account.
To make use of the service, social senders need to register their Visa or MasterCard debit card information in order to transfer cash.
Facebook users will also need to set up a pin to secure their account. iOS users can add Touch ID authentication to further shore up their account.
Explaining the security of the service, Facebook wrote (via The Verge): “Incorporating security best practices into our payments business has always been a top priority. 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.
“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.”
Read more: Zuckerberg explains decision to force Messenger app on users
The service will be available across the US in the coming months on Android, iOS and Desktop.
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Editorial independence
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
Professional conduct
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
