Facebook will introduce a similar tool to the ones offered by Venmo, Square and SnapChat, allowing us to send money via their messenger app. You tap on the dollar button, and your debit card will be instantly connected and ready to make the transfer.
Google and Apple will surely have more competitors than they expected, as they also provide services for transferring cash via apps. On Tuesday, Facebook announced the release of the new feature that allows its users to send real money in real time over their app.
That means that next time you borrow some money from a friend, you might have less excuses to return them, as the new Facebook tool makes it easier than ever.
The official statement said that the new feature has been design to offer “a more convenient and secure way to send or receive money between friends”. The US population should expect the new tool to be made available in the next months.
Facebook has made security procedures its sole focus when it comes to creating the new payment method. Your card information is encrypted under layers of software protection, and the connection between you and the friend you’re sending money to, is also secured by multiple safe systems.
Other good news is that the payments service is stored in an even more secure environment than other parts of the social network, and it is submitted to additional control and monitoring. Your Facebook and debit card accounts are under the protection of a team of anti-fraud specialists that are monitoring any suspicious purchase activity.
We’ve seen other online payment services before, but Facebook’s transfer tool might have the most potential of them all. First of all, the feature has been added on a platform that is already being used by more than 1.2 billion people, making it popular almost instantly. Secondly, Facebook’s design has made sending money as easy as sharing pictures or instant messages with your friends.
And if this isn’t appealing enough to its demographic, Facebook will add the new feature free of charge, at least for a while. You don’t need to install further add-ons or new apps, and there’s no other change than the simple fact that anyone who has a Facebook and a debit account will soon be able to send money through the app.
Facebook is thought to make it hard for other social media payment services to keep up as it takes further steps in becoming a platform more focused on e-commerce. Soon we’ll be making impulse purchases just as impulse as the “likes” we’re giving away without even thinking about it.
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