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Facebook Now Lets You Message Money
By: Jessica Cherok
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Starting this week, you can send money to your friends via Facebook Messenger. The new, free service makes it easy to transfer funds without having to download another app.

Facebook is banking on its money service being popular because everyone is already on Facebook and likely using Messenger. Instead of having to download another app, like Square’s Cash, you can simply transfer money using the technology you’re already using and familiar with.

The transfer process is simple:

To send money:
1. Start a message with a friend
2. Tap the $ icon and enter the amount you want to send
3. Tap Pay in the top right and add your debit card to send money

To receive money:
1. Open the conversation from your friend
2. Tap Add Card in the message and add your debit card to accept money for the first time

According to Facebook’s announcement about the service, the money is transferred right away; all you have to wait on is your financial institution to process it, which may take up to three business days.

Is it safe? Yes, says Facebook. “We use secure systems that encrypt the connection between you and Facebook as well as your card information when you ask us to store it for you. We use layers of software and hardware protection that meet the highest industry standards. 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. A team of anti-fraud specialists monitor for suspicious purchase activity to help keep accounts safe.”

You’ll need your debit card to first set up the transfer. After the initial transfer, you can create a PIN or use Touch ID (iOS).

   

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About the Author
Jessica Cherok is an advocate for online privacy, campaigning for ethical data practices and the protection of personal privacy.
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