Social Network with the largest user base Facebook has announced a new feature on 17th March Tuesday for its messenger that will enable the users to send and receive money across their Friend List. This feature will be launched for the American users for Desktop, Android and iOS in the coming months.
Users will be required to add their debit card information, Facebook has avoided credit cards so that they may minimize the costs of transactions plus the risk involved of fraudulent activities. Users will be able to send Money to their friends by simply opening up their messenger starting a conversation with the friend they want to send the money to selecting the ‘$’ which will be present besides the other small icons and then clicking/taping “Pay” will send the money. The Receiver when opens the Message, will be prompted to accept the payment which most probably will be in form of Bank Deposit which will take maximum three business days to reach the receiver’s bank account.
Already Snapchat with its ‘snapcash’ is in the market and there is another app ‘Venmo’ owned by PayPal, mobile payments is gaining popularity now a days on the other hand almost 50% of Facebook users log into their accounts via mobile phones and tablets. The reason to launch is pretty obvious now, as per experts the mobile payments will cross $142 billion by 2019.