Today Facebook announced a new peer-to-peer payment system which will work via their Messenger app. According to the company it’s a, “secure way to send or receive money between friends.” This free service is going to be rolling out to users over the next few months on Android, iOS & the desktop. (I checked on my phone and the feature is not yet enabled.)
At this time not much is known about the system other than it uses Facebook’s in-house technology and not a third party company to process payments. Additionally Facebook has said the service will only accept debit cards and will not cost anything.
Here is how it works according to their press release:
Adding a card:
The first time you send or receive money in Messenger, you’ll need to add a Visa or MasterCard debit card issued by a US bank to your account. Once you add a debit card, you can create a PIN to provide additional security the next time you send money.
To send money:
- Start a message with a friend
- Tap the $ icon and enter the amount you want to send
- Tap Pay in the top right and add your debit card to send money
To receive money:
- Open the conversation from your friend
- Tap Add Card in the message and add your debit card to accept money for the first time