Facebook Money Transfer

After many rumours, Facebook finally announced it was launching a peer-to-peer money transfer service for its users. The year before, they’d sent just 20 million envelopes, according to Tech In Asia, and over a longer period of time.

Facebook users now send money to their facebook friends through Facebook Messenger. The Silicon Valley company will compete with payments providers such as PayPal and Square, and potentially large banks, after it announced that users will be able to upload a Visa or MasterCard debit card to their Messenger app to send payments to their Facebook friends for free.

Facebook is the latest technology company to try to enter the financial sector, after Apple launched its payment service Apple Pay last year and Google rolled out Google Wallet.

Twitter has also experimented with person-to-person money transfer, with a partnership in France that enabled users to tweet cash to their followers

Procedure to Send & Receive Money

To send money:

1.      Start a message with a particular friend

2.    Tap the $ icon and enter the amount you want to send

3.    Tap Pay in the top right and add your debit card to send money

To receive money:

1.      Open the conversation from your friend who invite to send money

2.    Tap Add Card in the message and add your debit card to accept money for the first time

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.

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