New project, which allows users to send money to friends trough the Messenger application, is rolling out in the coming months. The tool was made using the expertise of the former president of PayPal, who was hired by Facebook last year.
After Snapchat came with its app Snapcash, Facebook announced that in few months, they will also launch a tool to send money trough the chat. This step was awaited since last june when Facebook hired a former PayPal executive David Marcus.
You need to add a Visa or MasterCard debit card to get your ID number which is necessary to sending or receiving money. After that you can add further authentication to boost security by creating the PIN code. On the iOs devices you can also enable TouchID. Facebook reports that security is their top priority.
They use a payment processor since 2007. Mainly used for game player and advertisers, Facebook secure over a million transactions a day.
Facebook also said, that they don’t plan to take any fees for transactions. The payment won’t be as quick as seding a message. It can take one to three days make money available. It depends on a users bank, like with other deposits.
The feature will be available for iOS and Anroid devices. For the time being, it could be used only with debit cards issued by a US bank.