Facebook recently introduced a new feature to send money to friends through Facebook Messenger application. Facebook Messenger users in the US will soon see the dollar symbol ($) within the application. To send money, they simply select the icon, enter the amount and click submit.
To use this Money Transfer Service, users simply touch the dollar icon, enter the amount and press Pay to send money on Facebook. Of course, before they have to link their debit card, Visa and MasterCard detail on Facebook account – currently not support credit card. Facebook does not charge anything for sending and receiving money. However, the Facebook Money Transfer feature is only provided for users in the United States in the coming months, unknown whether it can bring it to other countries or not.
It will be available on both Android and iOS with the option of setting up a PIN to ensure safety, particularly with the additional support of iOS fingerprint TouchID sensors. In its announcement, Facebook said the new service is safe and secure. They also add that the user can transfer the money immediately, but in order to arrive, it can take from 1 to 3 days, depending on the bank affiliate. Facebook had experience handling more than one million transactions per day when users buy game or advertising product.
Join the online remittance market is one of the current hot trend, especially for startups. Snapchat allows users to send money by Snapcashh, Google, PayPal and Square have their own intention in this playground. According to a survey from Business Insider, Snapchat problem is that users do not trust this app to disclose financial information. However, Facebook is a big name in this field, more experienced to trade money. Therefore, it was considered a bold image, the main potential of the company is that owns the largest social network in the world.