14 DAY TRIAL // Facebook has announced today, March 17, that its Facebook Messenger app just gained payment support, allowing users to send money to friends directly from the application. The new payment service is very secure and integrates perfectly with the Touch ID function of iOS devices.
The functionality will also be implemented in Android phones and on desktop. As expected, the payment service will be available only in US for the time being and will work like any other similar service (e.g. PayPal), which means that while the money transfer will be processed immediately, the money will appear in the receiver's bank account in approximately 24 to 72 hours.
“This feature will be rolling out over the coming months in the US,” says Facebook on today’s announcement. “The money you send is transferred right away. It may take one to three business days to make the money available to you depending on your bank, just as it does with other deposits.”
Here’s how to send and receive money using Facebook Messenger
To send money with the Facebook Messenger app, you will have to start a conversation with the person you want to send money to, press the new $ icon (for details, see the attached screenshot and video) and enter the amount of money you want to send. Press the “Pay” button and you will be asked to add your debit/credit card in order for the transfer to begin.
To receive money, open the conversation initiated by the person who wants to send you money, press the “Add Card” button that will be available in the chat window, add your debit or credit card information when requested, and wait for the money to be transferred into your bank account. You will be asked only once to add the credit/debit card when receiving money.