Facebook messenger is receiving an update to its universal app which brings a new feature that allows for peer-to-peer connection between users. This feature allows users to transfer money to friends through the app for FREE.
Adding to a world where we go cash-less yet full of cash, Facebook Messenger app will let you settle debts and local bills without having to leave your home or the app. The way it works, users will link the messenger app to their credit or debit cards so money will be moved to and fro the card.
The new Facebook Messenger will have a currency symbol tied to the chat window which when clicked will ask you for the amount you want to send then you go ahead to send the fund. Works almost the same as sending a normal chat message!
How do I receive money with Facebook Messenger?
To receive money from a friend, you need to have the updated messenger app installed on your device first. Tap on the fund message in the chat window and the money will be credited into your card.
What if the recipient has not linked his/her card to Facebook Messenger?
As soon as the recipient taps the money message, he/she will be asked to link the app to a valid credit or debit card before the funds can be transferred.
This service is controlled by Facebook which means money is held by Facebook and should any error occur, the sender will have the funds reverted. Also, users can create a security PIN to secure money transfer from ‘thieves’. In a few months from now, the new Facebook Messenger with money-sending option will be available starting from U.S.