Facebook users can now transfer money to their friends using the site’s mobile messaging app.
As had been rumoured, the social network giant today revealed that it would be allowing users to send money to each other using Facebook Messenger, which currently has around 500 million users worldwide.
Set to roll out in the US over the next few months, the service will be free to use and is open to Visa and Mastercard customers using iOS and Android mobile devices.
To use the service, users need to click on a dollar sign symbol in a Facebook Messenger chat window, alongside the icons for sending photos or emojis. After entering the amount they wish to send, users select the pay option and then add in their card details to transfer the money.
To receive money, users just need to enable their account by selecting the ‘Add Card’ option in a chat window, then entering their card details to register.
Money is sent straight away, but may take between one to three days to clear depending on your bank, just like a typical deposit.
Users can also create a PIN to provide additional security, and iOS device customers can also enable Touch ID for authorisation.
Facebook says the service uses secure systems that encrypt the connection between you and the company, as well as your card information when it is stored.
The 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, with the company also employing a team of anti-fraud specialists to monitor for suspicious purchase activity to help keep accounts safe.
All clued up on mobile payments? Try our quiz!
Yanluowang ransomware hackers claim credit for compromise of Cisco's corporate network in May, while Cisco…