Facebook has debuted a new service through which users in the U.S. can send money to friends via its Messenger app.
While this sounds a lot more convenient than using a money transfer service like Western Union, for example, it opens the door for your “friends” to hit you up for cash. But according the social network giant, the tool will allow people to “beam” money to their friends and family using smartphones linked to bank accounts or credit cards.
It seems pretty easy to use as well. All Messenger users have to do is to tap a new “$” icon that’s next to the photos and stickers buttons. Next they have to enter the amount to send, tap “pay” on the top right corner, and enter their debit card number, reports The Chicago Tribune. And to receive money for the first time, you just enter the card number.
To send or receive money is free and only works with debit cards.
Facebook says the system is secure as all the transactions and payment info are encrypted, reports Tech Crunch. Says Facebook, “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.”