Facebook has today announced it is rolling out a new feature for users that will let friends send money to each other, through its Facebook Messenger app. Like similar services, a simple tap allows users to send a cash amount to their recipient in a single step.
Users must first associate a Visa or MasterCard debit card to their Facebook accounts. Then, a ‘$’ symbol appears in the Facebook Messenger user interface alongside the chatbox. Sharing credit card information with Facebook is a dangerous prospect for many people, although the company says it will not monetize the service ‘at this time’. For the time being, sending money has no charge per transaction above the cash amount you are sending.
When it launches, the feature will only be available to US residents. It is unclear whether Facebook plans to expand internationally. The Facebook Messenger payment feature was first revealed late last year, when a developer found the UI elements hidden inside the app. If you don’t want to wait for Facebook to actually release the announced feature, check out competing services like Square Cash — the idea of easily sending money to friends through an app is not particularly new.
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And . . . How soon until this is hacked? FaceBook and Security – Polar Opposites!
I’ll be sticking with Square Cash, thank you very much.
If there is no charge for this service….and you have a cash back debit card…..couldnt you and your friend just send 1000 back and forth all day long and just keep the cash back bonus and never actually have spent anything?
If facebook rings this up as a “purchase” not a bank transfer. I’d do it all day every day just soaking up the cash back.
Yeah, not giving FB any access to my banking.
I won’t even have FB on my iPhone or iPad anymore, much less their messenger app; they have horrible security to begin with, amongst other issues.
Why Facebook why?
You know, no one wants to use your Messenger, but still you are forcing it on everyone!