For Sending money:
Sender needs to start a message with a friend Tap the $ icon and enter the amount which sender wants to send Tap Pay in the top right and add sender’s debit card to send money
For Receiving money:
Receiver needs to open the conversation from the friend who is sending the money Tap Add Card in the message and add receiver’s debit card to accept money for the first time
The money is transferred right away from the sender though it may take some time for the receiver to receive the same as per the normal banking regulations of 2-3 days. The first time user sends or receives money in Messenger, user will need to add a Visa or Master Card Debit card issued by a US bank to user’s account as per the instructions. Once the debit card details are added, user can create a PIN to provide additional security the next time user sends the money. On iOS devices user can also enable Touch ID. As always, user can always add another layer of authentication to user’s account at any time. According to Facebook product manager Steve Davis: “If the recipient does not have a card attached to his or her account, Facebook will hold the money until they have set one up.” However Davis said that the Facebook will not charge anything for the transaction and it is totally free of cost. Facebook has been processing more than a million transactions per day for game players and advertisers since 2007 and all these transactions have been under secured network; hence Facebook ensures a trusted and secured network for the payments. As per Facebook they will be using secure systems to encrypt the connection between the sender and receiver. Facebook also says that the card information would be secured as they will be using multiple layers of software and hardware protection to maintain the highest standards of security. Also the payment transactions will be placed in a secured environment which would be separate from the Facebook’s general network and this payment section would receive additional monitoring and control from specialized team. Furthermore, a special team of anti-fraud specialists would be given the task of monitoring for any suspicious monetary transactions which would further ensure the safety of the accounts. U.S. will witness the roll out of Facebook Messenger’s new payment feature across Android, iOS and desktops in the coming months. Facebook would now truly connect friends and family not only to share the photos and videos and jokes but also in the moments of troubles and joy by exchange of payments!!
