Facebook In Mobile Payments: Messenger App Will Allow Money Transfer
With the addition of a new feature to its Messenger app, Facebook will now allow its users to send money directly to their contacts, the social network announced Wednesday.
Though the service will be available to small scale population, still it is a big move from the social networking site towards providing a mobile payment gateway. This new mobile payment method via Messenger will only be offered to the US users initially after it launches in the next few months.
People will be able to use the new feature through Android and iOS Messenger apps. Additionally, Facebook will offer it through message section of its website.
The money sending process is simple and free of cost. First, users will have to register their debit card to send or receive payments through Messenger.
If a user wants to send any amount to one of his contacts, he needs to start the conversation in the same fashion as done previously. Then the user will see the $ icon which he can tap to enter the amount. Finally, the user will click on ‘Pay’ and to complete the process. The transferred money will reach the receiver account in one to three days.
Facebook has taken special security measures for its mobile payments service. The company said in its official blog post:
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.
The move is being seen in the context of social media giant’s lasting interest in money transfer methods along with its already admired messaging service. Probably, Facebook had decided to offer such a service before it employed David Marcus in 2014, then president of eBay’s payments subsidiary PayPal, believing he possessed gumption to work on such a project.
“I’m excited to go to Facebook to lead Messaging Products. And I’m looking forward to getting my hands dirty again attempting to build something new and meaningful at scale,” Marcus updated his status on Facebook at the time of joining Mark Zuckerberg’s company.
Abubaker Zahoor writes on diverse topics with special interest in innovations, tech-ethics, and inter-and intra- organizational business relationships.