On March 17th 2015, Facebook added a new feature to its platform, allowing users to send money to friends in Messenger. This new feature does give Facebook users a more secure and convenient way to send or receive money between friends. The beauty of this feature is that it is easy to use and free.
How to send money to friend?
To send money, you simply start a message with a friend then tap the $ (Dollar Sign) icon and then enter the amount you want to send. You then tap Pay’ which is located in the top right hand side and then go ahead and add your debit card number so as to send money.
Ok, but how to receive it?
To receive money, you simply open the conversation emanating from your friend and then tap “Add Card” in the message before going ahead to add your debit card number so as to accept money for the first time. It is worth mentioning that you will be required to add the debit card only once when you send or receive money from a friend.
The money you send will be transferred immediately, but just like any other banking deposits made in this manner, it may take one (1) to three (3) business days to make the money available to the recipient depending on his or her bank.
How to video
How secure is the system? As earlier mentioned, the first time you receive or send money in Messenger, you’ll be required to add a MasterCard or Visa debit card that’s been issued by a US bank to your bank account. Once you have added a debit card you can go ahead and create a PIN so as to provide some additional security the next time you use the service to send your money. It is also worth mentioning that Facebook allows you add another layer of authentication to your account at any given time; ensuring that all your transactions are fully secured. This system is currently being rolled out in the US across desktop, iOS and Android systems.
Are social networks now diversifying and starting to serve as shopping platforms? The simple answer to this is yes, and this should not come as a surprise because with the huge number of users social platforms have, this transition was bound to happen and it has all along just been a matter of when and how it will happen. Currently, the platform is on track to transforming itself into some sort of powerful Facebook e-commerce engine angling to compete with the big players such as Amazon. In this regard, the introduction of the Facebook buy now button is a clear indicator of where the company sees its future growth coming from and how they intend to transform it in the years to come.
Keep calm and spend more
For the consumer, all this is yet another push towards a world where you can more easily spend your money. Once Facebook has your debit card details, it is possible for them to build out a variety of services geared towards revenue generation; such services are bound to be accompanied with offers that attract Facebook users to spend their cash with ease. The market base that Facebook has is just too tempting for them or other players to ignore when you take into consideration the number of advertisers who throng Facebook pages with adverts.
Don’t be left behind, be part of this Facebook transformation by trying out the send money Facebook as well as the receive money Facebook features and get to be at the forefront of this market-driven transition being spearheaded by Facebook.