As more and more businesses are looking to take advantage of solutions like Facebook (News - Alert) Messenger, the social media company is finding new ways of its own to get its users to take advantage of the messaging service. The company has announced that Facebook users are now able to send and receive money through the standalone messaging app. This particular service has been rumored for quite a while now, but the solution was officially unveiled early last week.
Sending money using Facebook Messenger is simple enough. The platform allows users to tie their debit cards to the app and then pass money using the small $ icon which is located above the keyboard. Once they hit that particular sign, a new menu will open and then users can simply type the amount of money they want to send.
The money is actually sent through Facebook, and the social media company actually holds the money for a few seconds before sending it on to whoever the sender intended the money to go to. Facebook will only hold the money longer if the recipient doesn’t have a bank account and debit card tied to their account. Then the social media site will hold the cash until an account is tied to the user and then the money will be automatically forwarded on.
By using Facebook Messenger as a mobile peer-to-peer payment service, Facebook is joining a growing list of firms exploring this field. Snapchat appears to be the biggest competitor to Facebook’s move. That instant messaging service also came up with a peer-to-peer payment service not that long ago. This appears to be a direction most social services are looking at because it keeps out the middle man. Facebook isn’t entirely new to this kind of thing, considering it had already allowed people to pay for and send gifts to other Facebook users.
Edited by Dominick Sorrentino
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